Bitcoin whales are selling the most aggressively on record while ETFs and Strategy keep buying
Bitcoin's market is thinning as large holders sell aggressively, even as institutional buyers like ETFs maintain purchases.Summary
Five data sources indicate a weakening internal demand for Bitcoin, despite continued purchases by institutional investors. While ETFs and Strategy are absorbing approximately 94,000 BTC monthly, the broader market is selling at a rate of roughly 157,000 BTC. Large holders (wallets with 1,000-10,000 BTC) have switched from buying to selling nearly 188,000 BTC over the past year, representing a significant shift in market behavior. The gap between Bitcoin’s spot price and its realized price is narrowing, suggesting the market hasn’t yet bottomed. Despite market fear, ETF inflows remain strong, indicating institutional confidence. The market is currently reacting to geopolitical events, creating a pattern of short-term rallies and reversals. New developments, such as the Morgan Stanley ETF approval and continued Strategy accumulation, could provide support, but the market’s floor depends on sustained institutional buying.
(Source：CoinDesk)