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The Bitcoin market is undergoing a significant transformation, with the selling pressure from ancient whales gradually diminishing, while the participation of institutional investors has greatly increased.
The whale has sold a total of 80,202 Bitcoins, worth about $9.53 billion. Currently, approximately 85% of the selling volume has been absorbed by the market, with 14,000 going to Binance, 8,975 entering Bitstamp, and the remaining portion spread across multiple independent addresses.
It is worth noting that there are only about 12,000 Bitcoins (worth $1.38 billion) remaining unsold, accounting for approximately 15% of the daily trading volume at the Chicago Mercantile Exchange (CME). This means that the impact of giant whales selling has significantly weakened on the market.
At the same time, the buying power of institutional investors has exceeded expectations. BlackRock's IBIT and other spot ETFs have increased their holdings of Ethereum worth over $2.2 billion in a single week. Bitcoin ETFs have also continued to show a net inflow trend. In this quarter, institutional investors have absorbed 900,000 Bitcoins, completely offsetting the selling pressure from giant whales.
On July 17, the exchange's daily inflow of Bitcoin reached 61,000 coins, setting a new high for the year. Nevertheless, the price of Bitcoin remains stable above the support level of $116,000, highlighting the strong depth of market buying.
CryptoQuant's CEO Ki Young Ju pointed out that this round of selling pressure is not being absorbed by retail investors, but rather by institutional funds such as pensions and ETFs. This indicates that the traditional "whale-retail" cycle model may have failed, replaced by a new landscape dominated by institutional investors.
This series of changes indicates that the Bitcoin market is entering a new phase. The large-scale entry of institutional investors not only brings more liquidity to the market but may also alter the price dynamics and volatility characteristics of Bitcoin. With this significant shift in market structure, investors need to reassess their strategies to adapt to this rapidly evolving cryptocurrency ecosystem.