Bitcoin just absorbed a $9 billion sell-off of almost 80,000 units “without breaking stride,” said analysts at BTC financial services firm Swan on Wednesday.
The sell-off refers to last week’s market dump when BTC fell from just over $119,000 to around $115,000 in a few hours on July 25. A Satoshi-era whale, one of the few remaining OGs, cashed out, “and the market barely blinked.”
“That’s not just liquidity. That’s maturity, and a signal to the big fish of Bitcoin’s resilience.”
This appears to be the climax of “the largest holder rotation in Bitcoin history,” which is almost complete, said the Swan analysts.
Bitcoin Rotation Almost Complete
Every bull market requires a rotation where old hands sell into strength and new buyers step in, they said. However, this has been the biggest and longest rotation from old holders to new ones in Bitcoin’s history.
Over the past two years, long-term institutional investors such as exchange-traded products and corporati
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