TechFlow reports, July 8, Bitfinex Alpha's latest report points out that Strategy recently conducted its first large-scale Bitcoin sale, but the market showed strong resilience with no significant selling pressure, and the July trend remains positive. Currently, approximately 10.83 million BTC are at an unrealized loss, while approximately 9.22 million BTC remain in profit. The market cannot yet fully determine whether investors have digested recent capital flow changes, but spot trading volume has not fully reflected the impact of previous large-scale capital outflows, thus it may be approaching the bear market bottom formation stage.
With changes in ETF asset allocation and capital flows turning positive again, the Bitcoin market in July may see new variables. As long-term holders and some whales re-accumulate, Bitcoin is shifting from low-conviction holders to higher-conviction investors, and the next 2 to 3 months may become an important window to confirm a phase bottom.
