4E: 4.64 million Bitcoins "awaken", DAT company's popularity rises, market faces a test of unlocking wave.

According to Mars Finance, 4E observations show that on-chain analyst James Check's latest data indicates that approximately 4.64 million Bitcoins (worth over $50 billion) have been transferred from dormant wallets this year, setting a historic high. The awakening of this wave of “sleeping whales” is seen as a significant driver of the recent BTC sideways movement, as the active selling pressure from long-term holders has weakened upward momentum. Analysts point out that although the funding situation remains robust, market confidence in the short term is becoming cautious, with a slight increase in inflows to exchanges, indicating that investors are adjusting their position 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 unlocked over $200 million worth of tokens in total. Among them, LINEA's single unlock accounts for over 16% of the circulating supply, becoming the focus of attention in this round. Institutions generally believe that the supply pressure this week may exacerbate the volatility of certain tokens in the short term, especially for projects with lower liquidity in the secondary market. Meanwhile, Digital Asset Treasury (DAT) is rapidly emerging as a new type of capital force. Since 2020, the number of DAT companies has increased from 4 to 142, with 76 new companies added this year alone, accumulating a total investment of $42.7 billion in encryption assets. Among them, Strategy remains the largest holder, accounting for about 50%. However, DAT company stocks generally saw a big pump (BitMine once soared over 3000%) after their initial listing, followed by a noticeable pullback, indicating that market sentiment is still primarily driven by short-term speculation. 4E comments: The “awakening tide” of Bitcoin reflects the asset restructuring and confidence reassessment of long-term holders; at the same time, the unlocking cycle and new capital forces will jointly shape the liquidity pattern and risk preference in the next stage.