As Bitcoin continues to fluctuate around the $100,000 to $110,000 range, a quiet yet significant 'chip migration' is taking place on-chain. Data shows that long-term holders (LTH) are gradually releasing their chips, while the market is almost unperturbed in absorbing all these chips.
This is not a typical top feature, nor is it a panic sell-off, but rather like a low-key rotation in the mid-cycle of a bull market: Bitcoin is quietly flowing from old players to new strong buyers.
Fearless of selling pressure: the market is steadily absorbing LTH chips.
Generally speaking, when a large number of long-term holders start to sell, it often leads to market tension and adjustment. However, this time is different; the selling by LTH has not caused any significant volatility, and the price of Bitcoin has remained stable.
This is a reflection of a healthy market structure: funds remain active, and there is sufficient buying power, indicating that this is not a panic phase at the top, but rather a planned repositioning of capital.
Such phenomena typically appear in the mid-stage of a bull market in past cycles—just before entering the next rising cycle.
MSTR's aggressive buying: a single institution's holdings have exceeded 3% of Bitcoin's total supply.
More notably, the actions of institutional players are becoming increasingly aggressive. Strategy (formerly MicroStrategy) has just increased its holdings by 4,980 bitcoins, bringing its total holdings to 597,325 coins, accounting for 3% of Bitcoin's total supply!
Over the past two years, the company has adopted a 'pro-cyclical accumulation' strategy, where each large purchase almost corresponds to a market upturn.
Although some market participants are concerned that this concentration of institutions may bring systemic risks, more view it as a deep bet by traditional capital on Bitcoin's long-term value.
CryptoQuant data also shows that MSTR's holding curve continues to rise, becoming one of the indicators of the institutional trend in Bitcoin.
The July effect is approaching; could the market welcome a key breakthrough?
Looking back at historical data, July has always been one of the strongest months for Bitcoin's performance in the year. In the past decade, there were 8 instances of price increases, with an average monthly increase of 8.9%.
And now, we are standing on the threshold of a structural turning point:
LTH holdings are steadily flowing out without causing panic;
MSTR and other institutions continue to accumulate, and the proportion of locked positions continues to increase;
The overall market capital is well absorbed, and the chips are quickly digested.
These signals collectively indicate that the potential breakout point in the market is approaching.
If the current structure continues, Bitcoin may start a new round of rising cycles in July.
Although the market still appears sluggish, off-chain funds are rapidly completing a strategic reallocation.
Old holders are exiting in an orderly manner, new funds are steadily taking over, and institutional enthusiasm continues to heat up—this is one of the most typical signals of the deepening stage of a bull market.
Don't let short-term fluctuations obscure the truth; Bitcoin's next key node may be revealed this summer.