The Bitcoin Layer Bitcoin’s Bull Run Is Absorbing MASSIVE Selling w/ James Check
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Jul 16, 2025 James Check, an analyst from Checkonchain specializing in Bitcoin on-chain analysis, joins the conversation to dissect Bitcoin’s recent surge and the enigmatic movement of 80,000 BTC. They explore potential motivations behind the transfer to Galaxy Digital and what it signals about long-dormant Bitcoin supply. The duo discusses market resilience amidst selling waves, the shift towards derivatives, and the growing role of institutional investors. Insights into holder dynamics shed light on the market's bullish yet cautious sentiment, making this a riveting discussion for Bitcoin enthusiasts.
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2011 Bitcoin Movement Explained
- 80,000 Bitcoins from 2011 moved to Galaxy Digital, possibly from an owner updating wallets or selling.
- Massive sell-offs like this show the market's ability to absorb billions without crashing prices.
Quiet All-Time High Dynamics
- Bitcoin’s recent all-time high was "quiet" with low spot and futures volume but high on-chain and options activity.
- This unusual market structure signals a shift toward derivative-driven dynamics and institutional involvement.
New Yet Familiar Bitcoin Cycle
- This Bitcoin cycle shows unique features like stair-stepping price action, solid institutional support, and massive sell side absorption.
- Historical metrics still apply but require flexible frameworks due to new market actors like ETFs and treasury companies.