⚽ Bitcoin Latest Market Report 3: Tracking of Market Entities' Behavior, Who is Selling and Who is Buying BTC? 1. Who is selling Bitcoin during the current volatile uptrend? (1) Medium sized holders. In the past 60 days, medium-sized holders (at the level of 100-1000 BTC) have sold approximately 77800 BTC. This type of group is usually institutional trading desks, high net worth individuals, or early adopters, whose selling constitutes the main selling pressure in the current market. (2) Short term holders are taking profits. There has been strong realized profit taking selling pressure around $66000 for Bitcoin, and funds bought at the July low are being phased out. (3) Retail investors and the Korean market are mainly adopting a wait-and-see approach. The premium of Korean kimchi has dropped to -1.02%, indicating a lack of enthusiasm among retail investors, but they are more likely not to buy rather than panic sell. 2. What smart money and institutions are buying BTC? (1) ETF institutions are the most clear buyers. As of July 22, the net inflow of US spot Bitcoin ETFs exceeded $700 million for five consecutive trading days, marking the longest continuous inflow period since May and indicating that institutional funds are returning. (2) Giant Whale has accumulated an increase of 66700 BTC in the past 60 days, even during the process of the price dropping from 126000 to 58000. At the same time, a giant whale has long BTC with 4x leverage, holding a value of $150 million, and its floating profit has expanded to $60 million. This is not short-term trading, but strategic level position building. Strategic level? Hmph, I don't believe the bear market ended like this! We still need to go down and explore the bottom later. (3) Long term holders have shifted from surrender style selling to stability. At the beginning of July, LTH's daily loss realization reached 280 million US dollars, the highest since December 2022, but this selling pressure has significantly eased. Glassnode points out that the current market is becoming increasingly balanced, supported by long-term beliefs. (4) Traders in the options market are betting that Bitcoin will rise to $72000 by the end of the month and have bought a large amount to see the price difference. This is the most direct bullish expression in the derivatives market. Oh my goodness, the options trader is bullish around 72000. A summary chart of market entity behavior and a one sentence summary: Institutions and whales are buying, medium-sized holders are selling, and retail investors are watching. This is a typical stage of supply shifting towards strong hands, and historically this structure typically corresponds to confirmation signals at the bottom of the mid-term, rather than top features. But the selling pressure of $68000 is the most direct test in front of us. There is a possibility of rebounding to around 70800 and 73000 in the future. I will write a new article in the next few days to re analyze and predict the highest target price for this rebound. BTC Bitcoin 3D Integrated Trading System AI