Bitfinex Report: BTC may be approaching a temporary bottom, Strategy selling has not caused excessive market panic According to TechFlow, on July 8th, Bitfinex Alpha's latest report stated that Strategy has recently conducted its first large-scale Bitcoin sale, but the market has shown strong resilience and there has been no obvious selling pressure. The trend in July remains positive. At present, about 10.83 million BTC are in an unrealized loss state, while about 9.22 million BTC are still profitable. The market cannot fully determine whether investors have digested the recent changes in capital flow, but the spot trading volume has not fully reflected the impact of the previous large-scale capital outflow, so it may be close to the formation stage of the bear market bottom. With changes in ETF asset allocation and a return to positive cash flow, the Bitcoin market may face new variables in July. As long-term holders and some whales accumulate again, Bitcoin is shifting from low belief holders to higher belief investors, and the next 2 to 3 months may become an important window to confirm a temporary bottom.