4E: 464 million bitcoins "awaken," DAT company's craze heats up, market faces a test of unlocking wave

According to 4E observations, on-chain analyst James Check's latest data shows that approximately 4.64 million bitcoins (worth over $50 billion) have been transferred from dormant wallets this year, setting a historical high. This wave of "sleeping whales" awakening is considered an important driver of the recent BTC consolidation, as the active selling pressure from long-term holders has weakened upward momentum. Analysts point out that although the funding situation remains robust, market confidence is becoming cautious in the short term, with a slight increase in exchange inflows, indicating that investors are adjusting their position structures.

On the other hand, this week several major tokens are experiencing significant unlocks. According to Tokenomist data, projects such as APT, LINEA, AVAX, CONX, and ARB have collectively unlocked over $200 million worth of tokens. Among them, LINEA's single unlock accounts for over 16% of its circulating supply, becoming the focus of attention this round. Institutions generally believe that the supply pressure this week may exacerbate the volatility of some tokens in the short term, especially for projects with lower liquidity in the secondary market.

Meanwhile, Digital Asset Treasury (DAT) companies are rapidly emerging as a new capital force. Since 2020, the number of DAT companies has increased from 4 to 142, with 76 added just this year, accumulating a total investment of $42.7 billion in crypto assets. Among them, Strategy remains the largest holder, accounting for about 50%. However, DAT company stocks have generally seen significant surges at the beginning of their listings (BitMine once skyrocketed over 3000%) followed by noticeable corrections, indicating that market sentiment is still primarily driven by short-term speculation.

4E Commentary: The "awakening wave" of Bitcoin reflects the asset restructuring and confidence reassessment of long-term holders; meanwhile, the unlocking cycle and new capital forces will jointly shape the liquidity landscape and risk appetite in the next phase.