4E: Bitcoin's illiquid supply decreases or suppresses price rebound

On October 27th, according to 4E observation, SharpLink Gaming previously raised $76.50 million by placing shares on October 17th and bought 19,271 ETH at an average price of $3892, rather than buying again recently. The company currently holds a total of 859,853 ETH, with a total value of about $3.58 billion and an average cost price of $3609, with a floating profit of about $480 million.
On the other hand, according to Glassnode data, since mid-October, about 62,000 BTC (about $7 billion) have flowed out of long-term inactive wallets, the largest in the second half of this year. The decrease in illiquid supply may weaken the ability of bitcoin prices to move. The report pointed out that giant whales are still increasing their holdings recently, but medium-sized holders continue to sell, momentum buying has weakened, and insufficient spot demand may weigh on prices.
In terms of market sentiment, Tom Lee, chairperson of BitMine, said that ETH is still in a "super cycle", Ethereum's fundamentals are strong, and stablecoin demand and on-chain trading volume have reached new highs, which may become a new driving force for growth.
In addition, Michael Saylor once again hinted that Strategy may disclose bitcoin holdings next week; U.S. Treasury Secretary Vincent said that overall U.S. inflation has declined since Trump took office.
4E reminds investors that the flow of funds and supply and demand on the chain are reshaping the market structure, the strengthening of ETH fundamentals and the decline in BTC liquidity are divergent, and the short-term attention is paid to the continuity of giant whale positions and institutional holdings.