Recently, on-chain data analyst Yu Jin released a striking observation. According to his analysis, an ancient whale holding about 80,000 Bitcoins is gradually reducing its holdings, while the market seems to be systematically digesting this massive supply.

According to the latest data, an address under Galaxy Digital transferred 22,610 Bitcoins today, valued at approximately $2.6 billion. These coins were distributed to multiple addresses and trading platforms. This move has resulted in 68,000 of the original 80,202 Bitcoins (valued at approximately $9.53 billion) held by this whale being absorbed by the market.

Since July 15, this Whale has started gradually selling Bitcoin through Galaxy Digital. As of now, about 68,000 Bitcoins have been transferred, with each transfer amounting to several hundred, and the destinations include several well-known trading platforms and independent addresses.

Specifically, approximately 14,000 Bitcoins flowed into Binance, 8,975 entered Bitstamp, 7,420 were transferred to Bybit, and 7,150 were deposited into OKX. Additionally, around 30,400 Bitcoins were moved to multiple independent addresses, possibly for over-the-counter (OTC) buyers.

It is worth noting that this large-scale sell-off has not caused a noticeable impact on the market. On the contrary, the market has shown strong absorption capacity, effectively digesting this massive supply. Analysts believe that if there is another wave of selling, the holdings of this ancient whale may very well be completely absorbed.

This phenomenon has sparked discussions within the industry regarding the depth and resilience of the Bitcoin market. Despite facing such significant selling pressure, the market has managed to remain relatively stable, which may indicate the maturation and expansion of the Bitcoin ecosystem. However, investors must remain vigilant and closely monitor potential market fluctuations that may arise.