Without a doubt, the most explosive news in the market yesterday was that the 'ancient whale' that has been dormant for many years finally took action.
This time it is not a transfer, not a reallocation, but a genuine sale of coins, with some even directly selling on exchanges, leading to a clear phase decline marked by $BTC , with the lowest probing around $114,600, which briefly triggered panic in the market.
According to on-chain data and Galaxy Digital's announcement, this major holder from the Satoshi era has sold over 80,000 Bitcoins, which at current prices is over $9 billion, truly a 'market-crushing' sale. Interestingly, despite the significant impact of this news, the market actually began to stabilize and recover after a brief drop, and the price has even returned to above $117,000.
Macroeconomic news is also worth noting: Trump and Powell rarely appeared together peacefully. It is said that after their meeting, they did not continue the 'verbal battle', but reached a certain degree of consensus. Especially on the issue of tariffs, although negotiations between China and Canada have not been fully defined, progress on the EU side has been relatively smooth, bringing an overall optimistic signal to the market.
Looking back at the market, although this sell-off did indeed cause panic among many short-term funds, **it did not change the overall trend pattern.** In the US stock market, both pre-market and after-hours showed a slight warming trend, combined with BTC's rapid recovery, I personally chose to go long at $114.8k yesterday, and I am currently holding a profit.
On-chain data shows that today's turnover rate has significantly increased, especially for accounts with a holding cost above $110,000 showing significant reduction behavior, which is a major contributor to this round of decline. In contrast, earlier low-cost holders have not fluctuated much overall, and their positions remain relatively stable.
In addition, two key gaps in URPD (on-chain unrealized profit distribution) also need attention:
The gap at $114,000 has been successfully filled today.
The gap at $112,000 has not yet been touched.
Historically, the URPD gap has almost never remained 'long-term vacant', so the market still has the possibility of further dips, but it is more a matter of timing.
Currently, the key support range remains solid, and market sentiment is recovering in the short term, especially as the weekend approaches, price recovery has a positive effect on stabilizing liquidity and sentiment. The focus moving forward will still be on the on-chain data performance over the weekend and whether there will be new external news disturbances, such as tariffs.
