Institutions stop buying! Bitcoin faces a "$4.4 billion supply glut" crisis, as Strategy's selling intensifies the selling pressure.

The Bitcoin market is facing an unprecedented "supply overhang" storm. According to the latest market report released by CoinDesk today (30th), due to a record-breaking capital exodus from spot ETFs, along with newly mined miner tokens and corporate sell-offs, a net selling pressure of as much as 77k BTC (approximately $4.4 billion) has emerged in the market. To make matters worse, the largest corporate holder, Strategy, has also announced a sell-off plan of up to $1.25 billion, while institutional buying has completely contracted, making the short-term rebound of Bitcoin exceptionally difficult.
(Previous context: Bitcoin long-term holders' unrealized profit down to 24%, nearing cost line; CryptoQuant: It's a correction, not a capitulation)
(Background supplement: Bitcoin counterattacks $60K, SOL hits a 14-day high! 80k people liquidated as short squeeze occurs, panic index still at 15)

Table of Contents

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• ETF Monthly Exodus of 70k BTC, Institutional Buying Completely Ineffective
• MicroStrategy Betraying Faith? $1.25 Billion Sell-off Plan Sparks Panic
• Bright Spot Emerges: SOL/ETH Sees Long-term "Golden Cross"

Although Bitcoin (BTC) has recently struggled to maintain volatility around the $60k level (currently priced at approximately $59,233), the flow of coins beneath the surface reveals an unsettling signal. CoinDesk's latest market outlook report released today warns that Bitcoin is facing severe "supply overhang" pressure, with institutional whales not only failing to provide support but becoming the main source of selling pressure.

ETF Monthly Exodus of 70k BTC, Institutional Buying Completely Ineffective

The report cites charts from the well-known blockchain data platform Glassnode, pointing out that institutional demand has far lagged behind the newly incoming supply of Bitcoin to the market. When large capital tools shift from "net inflows" to "net outflows," the market's ability to absorb collapses instantly.

Overview of Bitcoin Supply and Demand This Month:

| Fund/Coin Movement | | --- | BTC Quantity Statistics | Market Impact | | --- | --- | --- | | Spot ETF Capital Outflows | – 71,600 BTC | Sales value exceeding $4 billion, setting a record for the largest monthly redemption. | | Corporate and Company Treasury Buying |

• 7,500 BTC | Corporate buying extremely weak, a drop in the bucket. | | Overall Market "Net Supply Overhang" | Approximately – 77,000 BTC | Combined with new mining coin releases, totaling about $4.4 billion in coins with no buyers. |

CoinDesk analyst Omkar Godbole emphasized: "More supply entering the market far exceeds what the biggest players can absorb." This means any short-term price rebound may only be a "dead cat bounce" unless substantial capital re-enters the market on a net basis.

MicroStrategy Betraying Faith? $1.25 Billion Sell-off Plan Sparks Panic

Adding fuel to the fire of this supply overhang crisis is the latest move by the world's largest corporate holder of Bitcoin, MicroStrategy (MSTR). The company shocked the market on Monday by announcing a "Bitcoin monetization plan," authorizing a potential $1.25 billion in Bitcoin sales. These funds will primarily be used to establish a $2.55 billion fiat reserve to pay dividends on its preferred stock and substantial interest expenses.

This decision not only breaks the long-held myth of founder Michael Saylor's "never sell Bitcoin" stance but also imposes heavy psychological and actual selling pressure on Bitcoin at a time of market liquidity drought. Currently, the only macroeconomic factor that could slightly curb further Bitcoin decline is the potential dollar pullback due to "excessive crowding of long dollar positions" in the foreign exchange market.

Bright Spot Emerges: SOL/ETH Sees Long-term "Golden Cross"

Although Bitcoin is mired in trouble, the altcoin market has shown a key signal of sector rotation. The report specifically highlights that on the daily chart, the Solana-to-Ethereum (SOL/ETH) trading pair has seen its 50-day moving average officially cross above the 200-day moving average, forming a highly indicative "Golden Cross" in technical analysis. This strongly suggests that in the coming long-term cycle, Solana is likely to significantly outperform Ethereum, becoming a new favorite for risk hedging and allocation.