Bitcoin, supply bomb before the $70,000 wall... "A whale that slept for 10 years moved"

▲ Bitcoin (BTC)

As Bitcoin (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 virtual asset specialized media Cointelegraph on April 10 (local time), long-term investors who have held Bitcoin for more than 7 years moved approximately $271 million worth of BTC last weekend to realize 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. Strong buying pressure from institutional investors is flowing in, supporting the price floor.

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 approximately 4.5 million BTC, creating a supply shortage structure.

In this process, whale holdings are providing new trading opportunities to the market, and institutional funds are absorbing them, creating a structured flow. 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 a level similar to past major buying points. This suggests that market overheating has eased and it has entered a phase of accumulating energy for a re-rise.

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 volume released by whales, strengthening downside rigidity. Unlike in the past, a structure has been formed where large-scale selling does not immediately lead to panic selling.

The current market is in a phase where profit-taking by early investors and the inflow of institutional funds are clashing. Whether the $70,000 defense holds 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.*