The supply and demand of Bitcoin have quietly changed: ancient Whales are dumping, and traditional institutions are getting on board to catch a falling knife.

Recently, an eye-catching event occurred in the Bitcoin market: in late July, an ancient whale that had been dormant for 14.5 years sold 80,000 Bitcoins. This batch of assets worth $9 billion was not a one-time dumping, but rather conducted through various exchanges and OTC Trading platforms. Although Bitcoin experienced a 4% fall that day, it quickly pumped back in the following two days. This is enough to illustrate the current market's Depth, where institutions and corporate players have completely taken over. This also means that the supply and demand relationship of Bitcoin has quietly changed, and the market is undergoing a transition between the old and the new.

1. Ancient Whale Dumping: Market Absorption Capacity Beyond Imagination

(Source: CoinMarketCap)

Looking back, on June 19, 2024, the German government sold 50,000 Bitcoins at an average price of $57,000, directly causing a 15% fall. When news leaked that the German government was about to start dumping, the market had already begun to panic. If the German government had not sold at that time, the holdings would have yielded nearly double the returns by now. The increase in Bitcoin's value compared to June of last year is also close to double.

Looking back a year later, the amount of Bitcoin sold off by the ancient whale this time is much more than that of the German government, but the impact on the market is even smaller. This is enough to illustrate the current market's depth, where the market is now completely dominated by institutional and corporate players.

2. Market Transition: Early Holders Exit, Institutions Enter

This phenomenon illustrates that the market is indeed undergoing a generational transition. Early holders are gradually passing their coins to new enterprises and institutional holders. Those who entered the market early are retiring early with substantial profits, while institutional holders are preparing for potential changes in financial regulations in the future.

Whale behavior: On June 19, 2024, a government-marked wallet first triggered speculation of a potential dumping when it executed a transfer of 6,500 BTC valued at over $425 million. The wallet originally held approximately 50,000 BTC, which are believed to have been confiscated from the operators of the now-defunct pirated movie website Movie2k.

Institutional Trends: As more and more institutions and enterprises incorporate Bitcoin into their balance sheets, the liquidity Depth and market absorption capacity of Bitcoin have significantly strengthened. These institutional investors not only bring in substantial funds but also contribute to more mature and stable trading behaviors in the Bitcoin market.

Conclusion:

The supply and demand relationship of Bitcoin is undergoing a profound transformation. The dumping by ancient Whales may trigger market volatility in the short term, but the strong absorption capacity of institutional and corporate buyers has allowed the Bitcoin market to exhibit unprecedented resilience. This transition between old and new indicates that Bitcoin is gradually transforming from a speculation market dominated by retail investors into a mature asset class participated by institutions and enterprises.