远古巨鲸清仓的启示

深潮Pubblicato 2025-07-29Pubblicato ultima volta 2025-07-30

远古巨鲸正在交出筹码,机构正在逐步接棒。

撰文:刘教链

前天教链说到,所谓中本聪时代(Satoshi era)的一个远古巨鲸将其 8 万枚大饼(BTC)清仓完成了。这次事件被机构操盘手 Galaxy Digital 誉为「数字资产市场最早和最重要的退出之一」。那么,从此次重大退出事件中,我们又能获得哪些思考和启示呢?

首先回顾一下基本事实:

本次抛售的 BTC 来自于 2011 年初的建仓。其实这已经是后中本聪时代(post-Satoshi era)而非中本聪时代了,因为中本聪此时已然隐退。

抛售总量具体而言是约 80009 枚 BTC,约合 90 亿美刀。抛售的时间窗口是 2025.7.16 至 2025.7.25。

而此次抛售事件对市场的影响可谓是如同溅了一个小水花。BTC 的价格仅仅从再创新高后的 119k 下挫至 115k,仅约 3.5% 的跌幅,并在清仓次日就回升修复至 118k。

这一现象意味着什么?

这意味着,市场在几小时内就吸收掉了大约占总供应量千分之 4 的 BTC 而没有触发任何连环清算和连锁崩溃。

似乎看起来,加密市场的结构和韧性已经悄然发生了翻天覆地的变化。正如某些网友说的那样,这几乎是在向市场发出强烈信号,证明 BTC 已经具有极深的、机构级的流动性。这大大强化了 BTC 的市场韧性和承接力。

要知道,仅仅是在一年前,2024 年 6 月底至 7 月初,德国政府清仓了其持有的约 5 万枚 BTC(49,858 枚),平均抛售价格为 57.9k,获利约 28.8 亿。

值得注意的是,德府清仓的时间窗口是 2024.6.19 至 2024.7.13,此时 Mt.Gox 还没有开始分发其 BTC 赔付。

基本上,BTC 在德府清仓期间从 66k 最低下探至 53k,跌幅接近 20%。即便是后续叠加上 Mt.Gox 分发赔付,BTC 也只在 2024.8.5 最低回踩到 49k 而已,这是年底 BTC 冲上十万刀前的最后一次低价。

对比起来,曾经 7 万刀的 BTC 要用超 20% 的跌幅才能吸收掉 5 万枚 BTC 的抛压,而如今 12 万刀的 BTC 却只需要 3.5% 的跌幅就能吸收掉 8 万枚 BTC 的抛压。换句话说,曾经不到 30 亿刀的失血就能让 BTC 跌去超过 20%,而如今 90 亿美刀的失血只让 BTC 小跌 3.5% 并且迅速修复如初。多么不可思议呀!

要知道,BTC 价格越高,每一枚 BTC 产生的抛压就越大。7 万刀的一枚 BTC 抛售,需要市场提供 7 万刀来承接;而 12 万刀的一枚 BTC 抛售,需要市场提供 12 万刀来承接。

难道仅仅过了一年,BTC 的流动性深度和承接力就已经发生了如此巨大的飞跃?

另一个可资对比的经典案例则是 2022 年 5 月份 Luna/UST 崩盘事件中,UST 背后的操盘手 Do Kwon 被迫向市场中倾泻了 8 万枚 BTC。据「刘教链 Pro」2022.5.11 文章《UST 脱锚,算法稳定币魔咒再现》记述,「5 月 10 号,随着 UST 的剧烈脱锚,Do Kwon 同学卖掉了大饼以外的资产,也无力挽救。最终,他清空了之前空手套来的 8 万多枚大饼,为 UST 救市。」

这 8 万枚 BTC 正好卡在 2021 年年中「512」崩盘关键测试水平 3 万刀附近位置,直接就把二次反弹继续牛市的幻想一波带走。一个月后,BTC 正式失守 3 万刀牛熊分水岭,宣告进入深熊。

虽然不能把 2022 年深熊的总跌幅,即从 69k 到 16k 的近 77% 的跌幅都归咎于 Luna/UST 崩溃砸盘,那么即便是把 2022 年 5 月到 6 月从 3 万刀到 2 万刀的断崖式下跌记到它头上,那么也有高达 33% 的跌幅。

这 8 万多枚 BTC 砸得急切,姑且按照 3 万刀计算,也不过是区区 24 亿刀的失血量而已。

由此看出近几年来 BTC 市场结构和流动性承接力的变化来:

2022 年 3 万刀高度,8 万枚 BTC 抛售,透支 24 亿刀,加速进入深熊。

2024 年 6 万刀高度,5 万枚 BTC 抛售,透支 28 亿刀,年底开启牛市拉升,突破十万刀,站上历史新高度。

2025 年 12 万刀高度,8 万枚 BTC 抛售,透支 90 亿刀,虎躯一震,目前看起来尚无大碍。

当然,如果参考 2022 年的抛售,也许造成内伤需要一个多月才能显现效果,那么目前就可能还不足以下定论。

从交易所 BTC 存量来看,这波抛售看起来的确是迅速被「买买提」了。

对此,网友也有两种态度:

一种是认为,大的筹码该卖的都卖完了,之后车就轻了,这便有利于后市更轻松地拉升。

而另一种则认为,长期钻石手的抛售出现令人担忧,这或许暗示了可能接踵而至的抛售浪潮,甚至于长期信仰的悄然转变。

无论如何,BTC 的新时代或已悄然开启:远古巨鲸正在交出筹码,机构正在逐步接棒。

新时代需要新鲜血液,新阶段需要新的力量来主导,如此方能长江后浪推前浪,持续推动 BTC 滚滚向前,永不止息。

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