Recently, the Bitcoin market has experienced a significant large-scale capital transfer, sparking widespread discussion within the industry about the market direction. Although some long-term holders have chosen to take profits and exit during this bull run, analysts generally believe that this phenomenon actually reflects the increasingly mature state of the Bitcoin market and does not pose a substantial threat to its Intrinsic Value.

According to reports, an investor who has been holding Bitcoin since the genesis period recently sold over 80,000 Bitcoins in batches, with a total value close to ten billion dollars. This action briefly triggered market fluctuations, but the price quickly stabilized and rebounded, demonstrating the market's strong resilience.

Swan Bitcoin's latest report points out that Bitcoin is undergoing the largest ownership transfer in its history, with early investors gradually shifting their chips to emerging businesses and financial institutions. This trend is seen as an important sign of Bitcoin's gradual move towards the mainstream financial market.

Market research firm CryptoQuant analyzes that the recent failure of Bitcoin to break through the $120,000 barrier is partly due to new large holders choosing to take profits. However, this short-term volatility has not changed the overall upward trend of the market.

CK Zheng, co-founder of ZX Squared Capital, stated that the reduction of holdings by large holders is actually a sign of healthy market development. It provides entry opportunities for new investors, helps optimize market structure, and promotes the sustained development of the bull run.

Statistics from the data analysis platform Santiment show that since the end of March this year, wallet addresses holding 10 to 10,000 Bitcoins have cumulatively increased their holdings by over 210,000 Bitcoins, accounting for approximately 0.9% of the total circulating supply. This data indirectly reflects that, despite some early investors choosing to exit, the market as a whole continues to attract new capital inflows.

As the market structure continues to optimize and the participation of institutional investors rises, the intrinsic economic value of Bitcoin is steadily increasing. Industry experts predict that this virtuous cycle will further solidify Bitcoin's position in the global financial system, driving it towards a more mature and stable asset class.