Crypto analyst: Bitcoin whales sell off at a loss, market sentiment is fragile.

PANews reported on March 21 that crypto analyst Murphy published an article on the X platform reviewing market dynamics over the past week, revealing unusual Bitcoin fund flows: On March 11 and 13, when BTC rebounded to $70,000–$71,000, a group of whale addresses (each holding over 1,000 BTC) sold 24,867 and 17,818 BTC respectively. The sell-off on March 11 resulted in an average loss of 50% compared to cost, while the sell-off on March 13 resulted in a loss of less than 10%.

Analysis shows that these tokens originated from purchases made at low prices between May and July 2025 and early April. Some were exits after significant losses, while others were exits after precise bottom-fishing. Strategy bought another 22,337 BTC on March 17, absorbing most of the excess supply. Nevertheless, this event reflects the extremely fragile market sentiment; investors holding BTC for nearly a year are gradually losing patience, and future price rebounds could still trigger pressure from these loss-making tokens.