selling

According to CoinDesk, blockchain data analysis company Arkham Intelligence has monitored that the wallet holdings of Bhutan's sovereign wealth fund Druk Holding and Investments (DHI) have significantly decreased from about 13,000 BTC in October 2024 to approximately 3,100 BTC currently. Since mid-2025, over $1 billion worth of Bitcoin has flowed out, with funds directed to multiple exchanges and trading companies, including wallets interacting with Galaxy Digital and OKX.In response, DHI CEO Ujjwal Deep Dahal stated, "I don't remember when the last time we sold Bitcoin was." The official denied any selling activity but did not provide details on the specific wallet movements and did not confirm the current holdings.

According to CoinDesk, on-chain analysis firm Arkham Data shows that over the past year, wallets associated with Bhutan have seen outflows of approximately $1 billion in Bitcoin, with funds flowing to multiple trading platforms and trading institutions, reducing their holdings from about 13,000 BTC to around 3,100 BTC.Arkham speculates that there may be ongoing selling behavior, and if the trend continues, the relevant addresses may be cleared of holdings before October 2026. However, Bhutan's sovereign fund Druk Holding and Investments (DHI) stated that "they do not recall any recent Bitcoin sales," did not respond to specific changes in on-chain addresses, and did not confirm the current holding size, only emphasizing that there are no additional comments.The report points out that some of the fund inflow paths are related to institutions such as Galaxy Digital and OKX, leading the market to interpret this as selling or over-the-counter trading behavior, but there are also possibilities of transfers into custody, collateralization, or structured trading that do not involve selling. Additionally, some trading institution personnel stated that there has been no clear selling recently.Furthermore, Bhutan's previous commitment to a reserve of 10,000 BTC for the "Gelephu Mindfulness City" project has also been questioned due to potential sell-offs. Currently, there is still significant disagreement regarding its actual holdings and mining operations.

According to on-chain analyst Yu Jin's monitoring, Multicoin Capital is suspected of stopping losses on AAVE. Multicoin Capital accumulated 338,000 AAVE at a price of $219 last November. An hour ago, it transferred 150,000 AAVE ($14.91 million) to Galaxy Digital and BitGo.Subsequently, these AAVE were dispersed from Galaxy Digital and BitGo to centralized exchanges such as Binance, OKX, Coinbase, and Bybit, likely for sale. Based on a purchase price of $219 and a selling price of $99, it is estimated that their loss on AAVE will exceed $40.56 million (-55%).

According to Lookonchain monitoring, the address "loracle.hl" is currently shorting 29,772 xyz:CBRS with 5x leverage, with a position value of approximately 11.22 million USD, and the current unrealized loss has reached about 1.3 million USD.

According to Cointelegraph, analyst ArabxChain stated that since the beginning of May, more than 3 million ETH have been withdrawn from Binance, which may reduce the pressure of spot selling.

According to Onchain Lens monitoring, the BIT associated wallet sold the last 99,612 HYPE. The wallet has sold a total of 403,290 HYPE, earning 16.88 million USDC, with an average price of 41.86 dollars.

The Ethereum Foundation unstaked 21,271 ETH from Lido, triggering market panic. Arkham published an analysis stating that the foundation's move may be due to concerns about the security of third-party protocols.In addition, the foundation has recently sold ETH multiple times, indicating a need for treasury rebalancing, which typically would not lead to immediate selling.

According to The Block, affected by Iran's rejection of the U.S. peace framework and the tense situation in the Strait of Hormuz, Brent crude oil briefly surpassed $104 on Monday, while Bitcoin remained fluctuating above $81,000. Analysts believe that the current crypto market is more driven by geopolitical factors rather than fundamental factors. QCP Capital describes the current market as "standing at a crossroads," viewing $84,000 as the next key resistance level for Bitcoin.Previously, the inflow of ETF funds, expectations of increased holdings by listed companies, and optimistic sentiment around the U.S. Clarity Act stablecoin bill drove BTC up to the $80,000 range, but recently there has been some profit-taking. Laser Digital stated that the market had previously bet that Strategy would make large-scale Bitcoin purchases, but after the expectations fell through, it triggered profit-taking sell-offs. Additionally, some enterprise-level BTC holders have slowed down or paused their accumulation, which has intensified market pressure.Meanwhile, Ethereum became the main target of selling last week. Reports indicate that a whale holding approximately $1 billion in both BTC and ETH has been continuously selling ETH, leading to a noticeable weakening of ETH relative to BTC. Although this address continued to transfer ETH to exchanges over the weekend, it has not triggered further sell-offs.On the macro level, U.S. non-farm payroll data for April was stronger than expected, alleviating short-term stagflation concerns for the Federal Reserve; the market is also focused on the upcoming CPI and PPI data to be released this week, as well as the progress of meetings between Trump and Chinese leaders in Beijing. CoinShares data shows that net inflows into digital asset investment products reached $857.9 million last week, marking the sixth consecutive week of net inflows.

Strategy CEO Phong Le confirmed that the company only sells Bitcoin under specific conditions. Previously, Executive Chairman Michael Saylor hinted at the possibility of selling Bitcoin to pay dividends, which led to a 4% drop in MSTR's stock price. Le stated that the decision to sell is primarily related to the Series A perpetual preferred stock Stretch (STRC, dividend yield 11.5%). The company will execute sales when it is more beneficial for shareholders to sell Bitcoin than to issue stock for dividend payments, with specific trigger conditions being the stock price falling below book value or mNAV falling below approximately 1.22. The second condition involves tax management, including realizing deferred gains or capturing tax losses. Le emphasized that the company's leverage is about 10%-15%, with a magnification rate of about 35%, and the financial situation is manageable.Strategy currently holds 818,334 BTC, with an average price of approximately $75,537, making it the largest publicly traded holder of Bitcoin in the world. Le pointed out that the daily trading volume of Bitcoin exceeds $60 billion, while the company's annual dividends are only about $1.5 billion, indicating that liquidity is not an issue, and stated, "I believe in math rather than ideology."

The on-chain detective ZachXBT, who calls himself a "fraud fighter," is increasingly being pointed to by on-chain behavior analysis as having another identity: he is not a lone righteous messenger but more like a "public spokesperson" for a premeditated short-selling team. Multiple "preview-style revelations" have triggered sharp declines in token prices, with accusations of coordinated efforts involving pre-positioned short orders and precise timing.At the same time, ZachXBT himself is embroiled in serious controversy. In 2025, he received 50% of the supply of the meme coin ZACHXBT, inflated its market value to $88 million, and then withdrew nearly $4 million in liquidity, creating a "case investigation-style rug pull." Additionally, he has long accepted airdrops from project parties and rights protection coins without exception, cashing out every time; he earns over ten million dollars a year anonymously but has consistently refused to disclose his wallet and profit chain.An anonymous account questioned as a market manipulator is now turning around to "judge" the industry— is it a voice of justice, or is it creating a smokescreen for the next short-selling opportunity?

According to monitoring by Lookonchain, a suspected BIT-related address deposited 403,289.5 HYPE (17.4 million USD) into Hyperliquid and began to sell. So far, it has sold 100,000 HYPE for 4.24 million USDC.

According to BBX data, yesterday (May 5) marked the dual arrival of the earnings season for cryptocurrency concept stocks and a wave of industry layoffs. The core dynamics are as follows:Strategy, Inc. (NASDAQ: $MSTR) released its Q1 2026 earnings report after the market on May 5 (official press release): net loss of $12.54 billion (per share -$38.25), primarily driven by an unrealized loss of $14.46 billion on Bitcoin holdings------the price of Bitcoin fell from about $87,000 to about $68,000 during Q1; revenue of $124.3 million (up 11.9% year-on-year), slightly exceeding consensus expectations of $123.2 million. As of May 3, the company held a total of 818,334 BTC, with an average price of $75,537 and a total cost of $61.81 billion; approximately 89,600 BTC were added in Q1 (costing about $5.5 billion), marking the second-largest single-quarter purchase in the company's history. The company's annualized return (BTC Yield) for Q1 continued to improve compared to the beginning of the year, with specific values to be disclosed in the official earnings report. Notably, the company mentioned for the first time in its risk disclosures that it may sell Bitcoin to fulfill its annual dividend obligation of about $1.5 billion, with current reserves covering only about 18 months of dividend expenses; management referred to the STRC preferred stock financing as a "great success," raising approximately $5.58 billion through STRC in Q1.Coinbase Global, Inc. (NASDAQ: $COIN) CEO Brian Armstrong announced on May 5 via the X platform and an official memo that the company will lay off about 700 employees (about 14% of the global workforce), citing the downturn in the cryptocurrency market and AI accelerating the reshaping of the company's operational model. Armstrong stated that AI has enabled the engineering team to complete in days what previously took weeks. The company will compress management levels to a maximum of five layers below the CEO/COO and replace traditional functional departments with "AI-native pods," where each manager must directly oversee at least 15 subordinates while maintaining a personal contributor role; affected employees in the U.S. will receive at least 16 weeks of base salary plus an additional two weeks of severance for each year of service. The company's Q1 2026 earnings report will be released tomorrow (May 7) after the market closes, with current analyst consensus expecting revenue of about $1.5 billion and EPS of approximately $0.23---$0.36.

As Bitcoin strongly breaks through the $80,000 mark, the current funding rates on mainstream CEX and DEX show that market short-selling sentiment has significantly weakened, as shown in the attached image.The funding rate is a fee set by cryptocurrency trading platforms to maintain the balance between the contract price and the underlying asset price, typically applicable to perpetual contracts. It is a mechanism for the exchange of funds between long and short traders, and the trading platform does not charge this fee; it is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it indicates the benchmark rate. When the funding rate is greater than 0.01%, it represents a generally bullish market. When the funding rate is less than 0.005%, it represents a generally bearish market.

According to on-chain analyst Yu Jin (@EmberCN), Pantera Capital, the leading investor in Ondo, transferred 83.9 million ONDO (approximately $22.11 million) 5 hours ago, and the market expects this batch of tokens may be sold soon.The address receiving the above tokens has a similar operation record: a year ago, this address received 34.28 million ONDO (approximately $42.52 million) from the multi-signature address of the Ondo project party, which was then transferred in batches to Coinbase Prime.

On-chain data from Arkham shows that the Vitalik Buterin address (0xAb5...) is intensively selling various Meme tokens, with a transfer frequency reaching several times per minute. The fund flow indicates a continuous inflow of ETH during the same period.The market generally speculates that he is using automated scripts to batch liquidate the airdrop junk tokens in the wallet. The amount per transaction is generally in the range of tens to hundreds of dollars. This type of operation is not the first time. In 2021, Vitalik sold or donated a large number of Meme coins (including SHIB, etc.) that were airdropped to his address, causing significant market fluctuations. It is currently unclear whether this operation is manually triggered or entirely executed by automated programs. Given the market influence of the Vitalik address, holders of related Meme coins need to pay attention to potential selling pressure risks.

According to CryptoQuant analyst Woominkyu, Bitcoin CEX net inflows surged to 9,905 BTC, setting a record for the largest single-day net inflow in the past 30 days, which has also led to Bitcoin's price consistently failing to effectively break through resistance levels.Woominkyu stated that the most concerning signal is the CEX Whale Ratio, which soared to 0.707 on April 27, the highest reading in over a week. This indicates that the top 10 inflow transactions accounted for more than 70% of all deposits—clearly showing that large holders are actively transferring tokens to CEX, likely preparing for distribution.Woominkyu believes that the combination of the surge in inflows dominated by whales and the increase in CEX reserves suggests that smart money is preparing to sell at a high. Unless this portion of inflow is quickly absorbed, the likelihood of retesting the $74,000 to $75,000 support zone in the short term is significantly increasing.

Trump has asked aides to prepare for an extended U.S. Navy blockade of the Strait of Hormuz, causing Brent crude oil prices to surpass $111 per barrel, while Bitcoin remains within a narrow fluctuation range. Trump stated on Tuesday that Iran is in a "state of collapse." Tehran has indicated that it may accept a temporary agreement to reopen the strait if Washington lifts the blockade on Iranian ports.Zaheer Ebtikar, founder of Split Research, stated in a report that Bitcoin's relative calm reflects a change in market structure. He said, "The oversupply has finally been digested, and the panic sellers driven by macro shifts or quantum concerns have long exited, making the selling power in the market significantly weaker than it was a few months ago." Ebtikar added, "Bitcoin's sensitivity to regulatory noise or central bank policies is far lower than people imagine. Its sensitivity is purely a function of broader volatility, and since we are currently in a relatively calm trading range, there is no immediate urgency to exit."Bitget analysts marked $75,000 as a key level that has maintained an upward range since the end of March; if effectively broken down, it could open space for further declines. A rebound from current levels back to $80,000 would maintain the integrity of the rebound structure and pave the way for a retest of the resistance level that has consistently rejected Bitcoin's attempts to rise since February.

According to Jinshi News, Crédit Agricole stated that its month-end pricing model indicates that the dollar will face strong selling pressure. In April, global stock markets generally strengthened, while the dollar weakened overall in the foreign exchange market. The institution believes that month-end portfolio rebalancing cash flows are likely to lead to a comprehensive strong sell-off of the dollar, especially with the sell signal for the dollar against the euro being the strongest, and it is expected that the euro against the dollar will further rise.