sell-off

Bitcoin rose to nearly $65,000 due to the U.S. inflation data in June being lower than expected, but on-chain data shows that long-term and short-term holders are synchronously selling off.

According to on-chain analysts, the Hyperliquid whale (0x410...75d08), which previously shorted 16 altcoins for a profit of $3.5 million, withdrew 7,863 ETH from Spark one hour ago, and then deposited all of it into Binance, suspected of selling off.A week ago, it also transferred 6,860 ETH to the exchange, approximately $10.8 million.

According to official news, TAC issued a statement regarding the significant price drop in the past 24 hours, stating that the protocol was not attacked, on-chain assets are secure, and the system is operating normally; the team and early investors did not participate in the sell-off, and the related tokens are still within the lock-up and vesting period, with no possibility of unlocking at this stage.

According to Yu Jin, the AKE market maker has repeatedly transferred a large amount of AKE to Binance Alpha and sold it both on and off the market. Three days ago, approximately 1.22 million dollars, equivalent to 3.944 billion AKE, was transferred and sold, with the price dropping from 0.0005 dollars to 0.0003 dollars on that day, a decline of about 40%.Within a few hours, the market maker transferred approximately 2.24 million dollars, equivalent to 9.825 billion AKE, to Binance Alpha again and continued to sell through on-chain addresses, causing the AKE price to further drop from 0.0003 dollars to 0.0002 dollars, a decline of about 33%.

CryptoQuant analyst Axel Adler Jr. stated that Strategy recently sold 3,588 BTC, marking the largest recorded Bitcoin sale to date, with the funds used for preferred stock payments and to replenish USD reserves.According to the Form 8-K document he cited, the sale was executed in two batches: from June 29 to June 30, 1,363 BTC were sold at an average price of $59,256, generating $80.8 million; from July 1 to July 5, 2,225 BTC were sold at an average price of $60,773, generating $135.2 million, for a total revenue of $216 million. The funds were used for preferred stock payments and to replenish USD reserves.Axel indicated that this sale differs from the sales made in 2022 for tax optimization, as it is primarily driven by debt obligations and does not represent a change in Strategy's long-term Bitcoin strategy. As of July 5, Strategy still holds 843,775 BTC and $2.55 billion in reserves, with this sale accounting for approximately 0.4% of its Bitcoin reserves.He also pointed out that after the announcement, the Bitcoin futures market positions significantly cooled down, with the Composite Market Index (IMI) dropping from about 80 to 32.6, briefly approaching 20, entering a bearish range; however, Bitcoin prices have largely remained in the range of $61,600 to $64,200, still above the 30-day fair value of $61,800. Analysts believe that the market currently views this sale as passive liquidity management rather than the beginning of a systematic reduction.

According to on-chain analyst Ai Yi's monitoring, the Hyperliquid whale, which previously shorted 16 altcoins for a profit of 13.68 million dollars, is suspected of selling ETH again. Four hours ago, it deposited 6,860 ETH (10.8 million dollars) to Binance, with a deposit price of 1,574 dollars. If sold, it would incur a loss of 2.86 million dollars (having accumulated at an average price of 1,991 dollars in February and March this year). Since June 24, it has transferred a total of 21.82 million dollars worth of ETH to exchanges, expecting a loss of 5.485 million dollars.

CryptoQuant analyst Woominkyu stated that the BTC whale sell-off has ended, with total whale holdings turning from a decline to an increase after 12 consecutive days of decrease, and the price rebounding to $65,704.89.From June 5 to 10, during the low point of $61,400, the exchange whale ratio once rose to 62.3%, while over 11,400 BTC flowed from exchanges to cold wallets. He believes that the transfer of chips during this round of decline has basically been completed.

Tom Lee, Chairman of BitMine, the largest treasury in Ethereum, stated in an interview with CNBC that the current market is showing signs of tension, mainly due to the reallocation of funds ahead of the SpaceX IPO and the market digesting previous gains. The SpaceX IPO is expected to reach $75 billion and will be included in the Nasdaq 100 index, which means many institutional funds need to raise capital in advance, not only to participate in the IPO but also to reserve cash for establishing sufficient weighted positions in the secondary market after the listing. He believes this means institutions may sell some stocks that have recently risen significantly, putting pressure on chip stocks.Tom Lee believes that storage chip stocks and the semiconductor sector have still held their lows from last Friday, indicating that the relevant charts have not completely broken down. The current pullback is healthy and he does not believe it will disrupt the main trading line of tech stocks. The trading performance on the first day of SpaceX's listing is very important. If SpaceX performs poorly, it will provide evidence for those who believe the market has peaked. However, he stated that since many people already think the SpaceX IPO marks a peak, from a contrarian perspective, this may not be the peak.Tom Lee still believes that tech stocks will continue to lead the market upward and stated that the current pullback will be bought. He expects the market to still show a "three-phase" trend this year, with a strong upward trend continuing in the foreseeable future, but a pullback may occur later this year, potentially around the time the IPO lock-up period expires and related supply pressures arise. The subsequent second phase market pullback may be driven by three factors: the market's testing of the policy path of the new Federal Reserve Chairman Kevin Warsh, stock supply from the expiration of large IPO lock-up periods, and potential energy shortage pressures that may arise later this year.

According to on-chain analyst Yu Jin's monitoring, 7 wallets sold 249 million H on-chain in the past 7 hours, cashing out 31.3 million USD (including 17,800 ETH and 2,715 BNB). The tokens sold in this batch mainly came from unlocking. H's price dropped by 83% in the past 7 hours due to large-scale selling.

According to 10x Research data, the cryptocurrency market experienced a significant correction last week, with the total market capitalization dropping to $2.13 trillion, a weekly decline of 14.5%, and a weekly trading volume of $117 billion, which is 47% higher than the average.Among them, Bitcoin's weekly trading volume was $47.3 billion, exceeding the average by 61%; Ethereum's weekly trading volume was $23.2 billion, exceeding the average by 77%. Although the market generally attributes this to leveraged traders, the actual majority of the sell-off came from the spot market.The report pointed out that Bitcoin's funding rate rose to 5.7% this week, with futures open interest decreasing by $3.5 billion to $21 billion; Ethereum's funding rate dropped to -6.6%, with open interest decreasing by $1.9 billion to $10.1 billion.10x Research emphasized that the "sellers" currently blamed by the market are not the real cause, and the true sellers are elsewhere, which will profoundly impact future market positioning.

On-chain detective ZachXBT posted questioning BitMEX co-founder Arthur Hayes for frequently changing his views and selling tokens in a short period, asking how much exit liquidity he had received from followers in the past few days.ZachXBT pointed out that before WLD, Arthur Hayes had expressed bullish views on tokens such as NEAR, HYPE, and ZEC, and in his latest operation, after publicly expressing a strong bullish stance on Worldcoin (WLD) multiple times and giving a target far above the current price, he chose to liquidate his position in a short time.In response, Arthur Hayes stated that he was simply selling assets at market prices to buyers willing to take over according to his trading targets, and if the price continued to rise, outsiders would think his sale was a wrong decision, "this time it just happened to be a correct judgment."Subsequently, ZachXBT posted again, sharing Arthur Hayes's previous bullish comments on WLD and questioning his rapid exit from the position after loudly promoting it, sparking discussions in the community about the influence of opinion leaders on the market and the issue of "exit liquidity."Previously, Arthur Hayes had stated that he had liquidated his WLD position, claiming that the price trend was "not right," and announced his exit from that position.

CryptoQuant analyst Darkfost stated that Bitcoin has dropped 14% since June, with a noticeable acceleration in the recent pullback. The inflow of Bitcoin from whales (single transactions over 100 BTC) on the Binance platform has surged, recording a peak of about 8,200 BTC on June 2, followed by over 6,400 BTC on June 4. The monthly average of whale inflows on Binance has increased from about 1,200 BTC since mid-April to now over 2,800 BTC, more than doubling in a few weeks.This indicates that the pullback is prompting whales to transfer BTC back to exchanges with the intention to sell, but this behavior seems more like emotional risk management rather than a strategic decision. The last time whale inflows reached such levels was in February when Bitcoin fell below $60,000, which will bring additional selling pressure in the short term.

Since this week, Bitcoin has experienced a wave of panic selling under the shadow of Strategy's coin selling and the diversion of AI funds, dropping over 10% from a peak of $74,000, and has now fallen back to the low range for this year.It is worth noting that during this period, the open interest in Bitcoin's coin-denominated contracts has risen against the trend, currently reported at 784,400 coins, close to a historical high. In response to this phenomenon, the well-known trader Killa, who predicted the peak of this bull market in May 2025, stated that this often indicates a key top or bottom, warranting high attention.

Santiment released data on social media stating that Bitcoin has dropped 13% in the past week, primarily attributed to the selling behavior of key stakeholders. Bitcoin whales and sharks (addresses holding 10 to 10,000 BTC) sold 24,602 Bitcoins in the past week (a reduction of 18%). Bitcoin small traders (addresses holding less than 0.01 BTC) increased their holdings by 61 Bitcoins in the past week (an increase of 12%).

According to on-chain analyst Yu Jin (@EmberCN), 14.981 million GUA were unlocked and transferred from the unlocking contract 9 hours ago, valued at approximately 15.18 million USD at the time. They were then all sold off on-chain, causing GUA to plummet by 75%. These GUA were ultimately exchanged for 2,784 ETH, valued at about 5.66 million USD, and deposited into three wallets.

According to monitoring by @ai_9684xtpa, Trend Research is suspected of selling $11.53 million worth of COMP and UNI, which would result in a loss of $19.87 million if sold.

CryptoQuant analyst Darkfost stated that due to the recent intensified selling pressure from institutions, the Coinbase premium has fallen into negative territory, recording a monthly low of negative 0.0983%. This indicates that institutions and professional investors trading on Coinbase Advanced are selling more aggressively than retail investors on Binance.Analyst Axel Adler pointed out that this indicates a zero confirmation of U.S. spot demand. LVRG research director Nick Ruck stated that the decline in the premium reflects the emergence of net selling pressure from large holders, as institutions are taking profits or readjusting their positions.In addition, CoinGlass data shows that since May 14, there have been four trading days of net outflows from U.S. spot Bitcoin exchange-traded funds, totaling $1.3 billion. Bitfinex reported that this week, the open interest in Bitcoin futures or perpetual contracts has decreased by about $1.5 billion, clearing most of the leverage.

According to Lookonchain monitoring, Pump.fun deposited 174,408 SOL (approximately 14.76 million USD) into Kraken 13 hours ago.At the same time, on-chain trading behavior indicates that it may have completed part of its sell-off operation: a newly created wallet (35qaEz) withdrew 117,877 SOL (approximately 9.96 million USD) from Kraken, and then sold all of it at a price of about 84.52 USD, obtaining approximately 9.96 million USDC, which was then deposited back into Kraken.

According to monitoring by Lookonchain, trader Roaring Kitty (@TheRoaringKitty), who became famous during the GameStop short squeeze, deleted a tweet related to RKC after posting it, causing the RKC price to drop by 90%. However, the RKC developer has cashed out 6,260 SOL, approximately $611,000.The developer spent 20 SOL (about $1,950) using 10 wallets to purchase 395.18 million RKC, accounting for 39.52% of the total supply, and then sold all of it for 5,071 SOL (about $495,000). The developer also collected 1,209 SOL (about $118,000) through creator fees.