4E: Decline in Bitcoin Illiquid Supply May Suppress Price Rebound

On October 27, according to 4E's observation, SharpLink Gaming previously raised $76.5 million through a stock placement on October 17 and purchased 19,271 ETH at an average price of $3,892, rather than making another recent purchase. The company currently holds a total of 859,853 ETH, with a total value of approximately $3.58 billion, an average cost of $3,609, and an unrealized profit of about $480 million. On the other hand, according to Glassnode data, since mid-October, about 62,000 BTC (approximately $7 billion) have flowed out from long-term inactive wallets, marking the largest outflow in the second half of this year. The reduction in illiquid supply may weaken the upward momentum of bitcoin prices. The report points out that while whales have continued to accumulate recently, medium-sized holders have been selling, momentum buying has weakened, and insufficient spot demand may put pressure on prices. In terms of market sentiment, an exchange chairman, Tom Lee, stated that ETH is still in a "super cycle," with strong fundamentals for Ethereum, and record highs in stablecoin demand and on-chain transaction volume may become the driving force for a new round of price increases. In addition, Michael Saylor once again hinted that Strategy may disclose bitcoin accumulation data next week; U.S. Treasury Secretary Bessent stated that the overall U.S. inflation rate has declined since Trump took office. 4E reminds investors: capital flows and on-chain supply and demand are reshaping the market structure, with ETH fundamentals strengthening and BTC liquidity declining, showing divergence. In the short term, focus on the continuity of whale holdings and institutional accumulation signals.