4E: 4.64 million bitcoins "awakened", DAT company hype intensifies, market faces unlocking wave test

According to ChainCatcher, based on observations by 4E and the latest data from on-chain analyst James Check, approximately 4.64 million bitcoin (worth over $500 billions) have been transferred out of dormant wallets this year, setting a new historical record. This wave of "sleeping whales" awakening is considered a key driver behind the recent sideways movement of BTC, as the active selling pressure from long-term holders has weakened upward momentum. Analysts point out that although liquidity remains robust, short-term market confidence is becoming more cautious, with a slight increase in exchange inflows, indicating that investors are adjusting their portfolio structures.

On the other hand, several major tokens are facing large unlocks this week. According to Tokenomist data, projects such as APT, LINEA, AVAX, CONX, and ARB have collectively unlocked tokens worth over $200 millions. Among them, LINEA's single unlock accounts for more than 16% of its circulating supply, making it the focus of this round. Institutions generally believe that this week's supply pressure may intensify volatility for some tokens in the short term, especially for projects with relatively low secondary market liquidity.

Meanwhile, Digital Asset Treasury (DAT) companies are rapidly emerging as a new capital force. Since 2020, the number of DAT companies has increased from 4 to 142, with 76 new companies added just this year, and a cumulative investment of $42.7 billions in crypto assets. Among them, Strategy remains the largest holder, accounting for about 50%. However, after soaring (with one exchange surging over 3000%) at the initial listing stage, DAT company stocks have seen significant pullbacks, indicating that market sentiment is still dominated by short-term speculation.

4E Commentary: The "awakening wave" of bitcoin reflects asset restructuring and confidence reassessment among long-term holders; meanwhile, the parallel cycles of token unlocks and new capital forces will jointly shape the next phase of liquidity patterns and risk appetite.