Analysis: BTC or near stage bottom, Strategy sells without causing excessive market panic

On 11 July, the latest report by Bitfinex Alpha indicated that Strategy had recently made its first large-scale sale of bitcoin, but that the market had shown more resilience and had not experienced significant pressure to sell, and that the trend in July was now positive. At this stage, some 1.08 million BTCs are in an unrealized deficit, while some 9.22 million BTCs remain profitable, and the market is not yet in a position to fully judge whether investors have absorbed recent changes in financial flows, but the volume of spot transactions does not fully reflect the effects of previous large-scale financial outflows and may thus be close to the bottom stage of bear market formation. With the change in the ETF asset allocation and the re-engineering of financial flows, the July Bitcoin market is likely to have new variables. As long-term holders and some giant whales re-emerge, bitcoin is shifting from low-faith holders to higher-faith investors, and the next two to three months may be an important window for identifying the stage bottom。