Bitcoin, a 'bomb' of sell-offs before the $70,000 wall..."Whales dormant for 10 years have moved"

▲ Bitcoin (BTC)

As Bitcoin (BTC) continues to trade sideways around the $70,000 mark, large-scale selling movements by long-term holding whales have been detected, rapidly increasing market tension.

According to a report by the virtual asset specialized media outlet Cointelegraph on April 10 (local time), long-term investors who have held Bitcoin for over 7 years moved approximately $271 million worth of BTC last weekend, cashing in on profits. This is the largest sale since the approximately $280 million sale in January.

At that time, the market experienced a sharp drop of about 13% due to increased supply, but the situation is different now. This is because strong buying pressure from institutional investors is flowing in, supporting the price bottom.

On-chain data analysis firm Capriole Investments analyzed that the selling volume from long-term holders is not merely acting as downward pressure but is rather supplying market liquidity. In fact, BTC balances on exchanges have decreased to around 4.5 million BTC, creating a supply shortage structure.

In this process, whale holdings are providing new trading opportunities to the market, and a structure where institutional funds absorb them is being created. Experts diagnose that the current $70,000 to $72,000 range is acting as a key defense line.

Technical indicators also show signs of change. According to an analysis by CryptoQuant, Bitcoin's short-term Sharpe ratio has fallen to levels similar to past major buying points. This suggests that market overheating has subsided and the market has entered a phase of accumulating energy for a renewed uptrend.

The inflow of spot ETF funds is also a key pillar supporting the market. Major ETF products, including BlackRock's IBIT, are continuously absorbing the supply released by whales, strengthening downside rigidity. This means that, unlike in the past, a large-scale sell-off no longer immediately leads to a panic sell.

Currently, the market is in a phase where profit-taking by early investors and the inflow of institutional funds are clashing. Whether the $70,000 mark can be defended is emerging as a key variable determining the short-term direction, and investors are simultaneously monitoring additional whale selling and the strength of institutional buying.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*