4E: The decline in Bitcoin's illiquid supply may suppress price rebounds

ChainCatcher news reports that according to 4E observations, SharpLink Gaming previously raised $76.5 million by placing shares on October 17 and purchased 19,271 ETH at an average price of $3,892, rather than buying again recently. The company currently holds a total of 859,853 ETH, with a total value of approximately $3.58 billion, an average cost of $3,609, and an unrealized profit of about $480 million.

On the other hand, according to Glassnode data, since mid-October, approximately 62,000 BTC (about $7 billion) have flowed out of long-term inactive wallets, marking the largest scale this second half of the year. The reduction in illiquid supply may weaken Bitcoin's upward momentum. The report indicates that large whales are still accumulating, but medium-sized holders continue to sell, and momentum buying has weakened, with insufficient spot demand potentially putting pressure on prices.

In terms of market sentiment, BitMine Chairman Tom Lee stated that ETH is still in a "super cycle," with strong fundamentals for Ethereum, and the demand for stablecoins along with on-chain transaction volume reaching new highs may become a new driving force for the next round of price increases.

Additionally, Michael Saylor has once again hinted that Strategy may disclose Bitcoin accumulation data next week; U.S. Treasury Secretary Yellen stated that the overall inflation rate in the U.S. has decreased since Trump took office.

4E reminds investors: capital flow and on-chain supply and demand are reshaping market structure, with strengthening ETH fundamentals and declining BTC liquidity showing divergence. In the short term, pay attention to the continuity of whale holdings and institutional accumulation signals.