The results of Microsoft's shareholder meeting are about to be announced. Polymarket bets show that Microsoft has little hope of buying Bitcoin, but we have to wait and see.
Now the market is staring at long-term holders, who are under great pressure to sell, just like the big bull market in 2021 and the beginning of this year. Cryptocont analysts said that in the past 30 days, more than 820,000 bitcoins have been transferred to exchanges for sale, and early holders want to cash out.
Bitcoin miners are also selling. Setiman tweeted that miners transferred 85,500 bitcoins in 48 hours, which is the largest sell-off since the end of February. However, miners still have nearly 2 million bitcoins, and some may not be found.
But miners are still active in the market, with a lot of bitcoins in their hands, which may affect supply and demand at any time. But even with such a large selling pressure, the price of Bitcoin is still quite stable, thanks to spot Bitcoin ETFs and institutional companies, and retail investors who keep buying.
Short-term holders come in to push up Bitcoin, and institutional companies like MicroStrategy have also been increasing their holdings to offset the selling pressure. The whales' holdings have not decreased. After the spot ETF was approved at the beginning of the year, the holdings have been rising.
Looking at the unrealized profit ratio of the three major Bitcoin whale groups, it has not yet reached the level of the historical bull market. I am curious, when will the whales sell off?
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