Analyst: Bitcoin Whales Sell Holdings, MSTR Buys to Alleviate Pressure, Market Sentiment Remains Fragile

According to a post by crypto analyst Murphy on platform X reviewing last week's market dynamics, monitoring revealed abnormal capital flows for Bitcoin: On March 11th and 13th, when BTC rebounded to the $70,000–$71,000 range, a group of whale addresses (each holding over 1,000 BTC) sold 24,867 BTC and 17,818 BTC, respectively. The holdings sold on March 11th incurred an average loss of approximately 50% compared to their cost basis, while the losses on the holdings sold on March 13th were less than 10%.

Analysis indicates that these holdings originated from purchases made at low points in May–July 2025 and early April, respectively. One portion represents an exit after significant losses, while the other represents a rotation out after precise bottom-fishing. MicroStrategy (MSTR) once again purchased 22,337 BTC on March 17th, absorbing most of the excess supply. Nonetheless, this event reflects that market sentiment remains extremely fragile. The patience of investors who have held BTC for nearly a year is gradually wearing thin, and future price rebounds may still trigger selling pressure from loss-making holdings.