“巨鲸”加速抛售比特币，但仍称不上恐慌信号？

Core Insights - Recent selling behavior by "whales" in the cryptocurrency market appears to be driven by profit-taking rather than panic, despite a weakening market capacity to absorb these sales [2][3][8] - Bitcoin has recently fallen below the critical $100,000 mark, with significant selling from long-term holders contributing to this decline [2][3] - The selling patterns of "whales" show a consistent and methodical approach, indicating planned asset allocation rather than fear-driven actions [2][3][7] Market Dynamics - The liquidity in the cryptocurrency market has improved significantly compared to a decade ago, yet concerns remain about the current market sentiment and buying slowdown [3][8] - Data indicates that Bitcoin's price recently approached $19,400, marking its lowest level since May 6, with long-term holders showing signs of profit-taking [3][8] - The selling behavior of "whales" correlates with the psychological threshold of $100,000, a level many early adopters view as a point to realize profits [7] Investment Trends - The market has seen a notable outflow from Bitcoin exchange-traded funds (ETFs), with $311.3 million exiting in the past week, marking the longest consecutive outflow period since March [8] - Cumulatively, Bitcoin ETFs have seen $2.6 billion in outflows over the past five weeks, indicating a significant decline in demand [8] - Despite the selling pressure, one of the largest Bitcoin "whales," Strategy Inc., continues to increase its holdings, owning over 640,000 Bitcoins, which is more than 3% of the total circulating supply [10][11]