Bitcoin State of the Union (Patreon)

Since January, 470,000 BTC (~$50B) sold by old whales — yet no crash, price steady above $100K. Pretty impressive.

In past cycles, whale sell-offs caused 80% crashes. Now? Institutions absorbed everything.

• ETFs pulled in $64B YTD, reversing outflows with $240M in one day.

• MicroStrategy bought exactly 200,000 BTC so far this year; corporates added 131,000 BTC in Q2, ETFs 111,000 BTC.

• Volatility down 40%

• Many miners still holding.

The Trillion dollar Question is what happens when the Old Whales are done selling... yeah they have sold more then expected this time around, but you also have to consider their portfolio concentrations must be pretty crazy with bitcoin being above 100,000 so it only makes logical sense to take some risk off the table and diversify a bit.