Crypto Analyst: Bitcoin Whales Sell at a Loss, Market Sentiment Fragile

March 21st, PANews reported that crypto analyst Murphy posted on X reviewing the market dynamics of the past week, with monitoring showing abnormal capital flows in Bitcoin: on March 11th and 13th, when BTC rebounded to $70,000-$71,000, a group of whale addresses (each holding over 1,000 BTC) sold 24,867 BTC and 17,818 BTC respectively. The chips sold on March 11th had an average loss of 50% compared to their cost, while the chips sold on March 13th had a loss of less than 10%. Analysis shows that these chips originated from low-price purchases in May-July 2025 and early April. Some were exits after significant losses, while others were precise bottom-fishing followed by rotation out. Strategy bought another 22,337 BTC on March 17th, absorbing most of the excess supply. Despite this, the event reflects that market sentiment remains extremely fragile, with investors holding BTC for nearly a year gradually losing patience, and future price rebounds may still trigger pressure from losing positions.