What Bitcoin Did Why This Bitcoin Bull Market Is Different | Checkmate
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Aug 1, 2025 Checkmate, a Bitcoin analyst and on-chain data expert who writes the Checkmate newsletter, explores Bitcoin's evolving market dynamics. He discusses why treasury companies are entering the scene and how institutional money is shifting on-chain behaviors. Checkmate highlights the implications of a recent 80,000 BTC sale on dormant assets and the distinct nature of drawdowns this cycle. He also delves into the impacts of quantum computing and corporate treasury strategies, giving insights into the future landscape of Bitcoin investment.
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Healthy Bitcoin Bull Market Profits
- Bitcoin currently holds $1.4 trillion in unrealized profit, indicating strong aggregated market confidence.
- This unrealized profit level is typical for healthy Bitcoin bull markets, not an extreme overheated signal.
Dormant 80,000 BTC Movement
- The recent movement of 80,000 BTC held since 2011 is unprecedented in terms of coin day destruction.
- It signals that some long-dormant coins are coming back to market, breaking assumptions about permanent losses.
Evaluating Lost Bitcoin Coins
- We cannot definitively know which Bitcoin coins are lost; only the holders do.
- Coin day destruction and accumulation metrics allow discounting lost coins without precise identification.