Analyst: Bitcoin whales sell chips, MSTR buys to relieve pressure, market sentiment remains weak

Crypto analyst Murphy posted on the X platform reviewing the market dynamics of the past week. Monitoring shows unusual capital flows for Bitcoin: when BTC rebounded to $70,000-$71,000, a group of whale addresses (each holding over 1,000 BTC) sold 24,867 BTC and 17,818 BTC respectively. The average loss on the sold chips compared to their cost reached 50%, while the loss on the sold chips was less than 10%. Analysis shows that these chips originated from low purchases in May-July 2025 and early April, with part of them being sold off after significant losses, and another part being rotated out after precise bottom fishing.

Strategy bought 22,337 BTC again on March 17, absorbing most of the excess supply. Nevertheless, this event reflects that market sentiment remains extremely fragile, and investors holding BTC for nearly a year are gradually losing patience. Future price rebounds may still trigger pressure from loss-making chips.