jakiro
The day before yesterday, the sect chain said that an ancient giant whale from the so-called Satoshi era completed the clearance of its 80,000 big cakes (BTC).This incident was hailed by institutional trader Galaxy Digital as “one of the earliest and most important exits in the digital asset market.”So, what thoughts and inspirations can we obtain from this major exit incident?
First, let’s review the basic facts:
The BTC sold this time came from the opening of positions in early 2011.In fact, this is already the post-Satoshi era rather than the Satoshi era, because Satoshi Nakamoto has retired at this time.
The total sales volume specifically is about 80,009 BTC, which is about 9 billion US dollars.The time window for selling is 2025.7.16 to 2025.7.25.
The impact of this sell-off incident on the market is like a splash of water.The price of BTC fell only from 119k after a new high to 115k, a drop of only about 3.5%, and rebounded to 118k the day after clearing.
What does this phenomenon mean?
This means that the market absorbed about 4% of the total supply of BTC in a few hours without triggering any chain liquidation and chain collapse.
It seems that the structure and resilience of the crypto market have quietly undergone earth-shaking changes.As some netizens said, this is almost sending a strong signal to the market, proving that BTC already has extremely deep, institutional-level liquidity.This greatly strengthens the market resilience and acceptance of BTC.
You should know that just one year ago, from the end of June to early July 2024, the German government cleared its holdings of about 50,000 BTC (49,858), with an average selling price of 57.9k, and a profit of about 2.88 billion.
It is worth noting that the time window for Defu clearance is 2024.6.19 to 2024.7.13, and Mt.Gox has not yet begun to distribute its BTC compensation.
Basically, BTC fell from a low of 66k to 53k during the Defu clearance period, a drop of nearly 20%.Even with subsequent stacking of Mt.Gox distribution compensation, BTC only stepped back to 49k at the lowest level in 2024.8.5. This is the last low price before BTC hit 100,000 yuan at the end of the year.
In comparison, BTC, which once had a decline of more than 20%, could absorb the selling pressure of 50,000 BTC, but now, BTC, which only needs a decline of 3.5%, can absorb the selling pressure of 80,000 BTC by only a decline of 3.5%.In other words, the blood loss of less than 3 billion yuan could make BTC fall by more than 20%, but the blood loss of 9 billion yuan has only caused BTC to fall by 3.5% and is quickly recovered as before.How incredible!
You should know that the higher the price of BTC, the greater the selling pressure generated by each BTC.The market needs to provide 70,000 yuan to take over the sale of a BTC of $70,000 yuan; while the market needs to provide 120,000 yuan to take over the sale of a BTC of $120,000 yuan.
Has it been just a year since the depth of liquidity and the ability of BTC to take such a huge leap?
Another classic case that can be compared is that during the Luna/UST collapse in May 2022, Do Kwon, the trader behind UST, was forced to pour 80,000 BTC into the market.On May 10, with the UST’s violent dean, Do Kwon sold his assets other than the big cake and was unable to save it.In the end, he cleared out more than 80,000 pie from the empty gloves before to save the market for UST.
These 80,000 BTCs happened to be stuck at the critical test level of “512” collapse in mid-2021, near the 30,000 yuan, which directly took away the fantasy of the second rebound and continued the bull market.A month later, BTC officially lost the 30,000-bit bull-bear watershed, and declared it to enter the deep bear.
Although the total decline of Shenzhen Bear in 2022, that is, the nearly 77% decline from 69k to 16k, cannot be attributed to the collapse of Luna/UST, even if the cliff-like decline from 30,000 to 20,000 yuan from May to June 2022, there will be a decline of up to 33%.
The more than 80,000 BTC were smashed urgently. Based on the calculation of 30,000 yuan, it was just a mere 2.4 billion yuan of blood loss.
From this we can see the changes in the BTC market structure and liquidity acceptance in recent years:
In 2022, the height of 30,000 yuan was sold, and 80,000 BTC was overdrawn, and 2.4 billion yuan was accelerated to enter the Deep Bear.
In 2024, the height of 60,000 yuan was sold, and the price was overdrawn by 2.8 billion yuan. The bull market started at the end of the year, breaking through 100,000 yuan, and reaching a new historical height.
In 2025, the height of 120,000 yuan was sold, and 80,000 BTC was overdrawn, and the tiger’s body was shocked. It seems that it is not serious yet.
Of course, if we refer to the 2022 sale, it may take more than a month to cause internal injuries, then the following conclusion may not be enough at present.
Judging from the exchange BTC stock, this wave of selling seems to be quickly “buymaiti”.
Netizens also have two attitudes to this:
One is that the big chips should be sold out, and the car will become lighter after that, which will help to increase more easily in the future.
Another suggests that the long-term selling of diamond hands is worrying, which may suggest a possible wave of selling, or even a quiet change in long-term beliefs.
In any case, the new era of BTC may have quietly begun: the ancient giant whale is handing over its chips, and the institutions are gradually taking over.
The new era needs fresh blood, and the new stage needs new strength to dominate. Only in this way can the Yangtze River push the old waves and continue to push BTC forward and never stop.
