#ETH# Recently, the Crypto Assets market has been shaken by an "ancient Whale dumping" event — a mysterious Address holding 80,000 Bitcoins, dormant for 14 years, dumped 40,000 Bitcoins within 48 hours through the U.S. listed company Galaxy, quickly sparking market speculation about the dumping entity and the logic behind it.

Whale Identity Locking: From Position Characteristics to Operation Trajectory

To hold 80,000 Bitcoins for 14 years without moving them, two core conditions must be met: first, there is no need to rely on liquidating this asset, and second, there are objective restrictions that make it "impossible to operate" in the long term. Based on this filtering, the global pool of eligible candidates is narrowed down to five individuals: one Chinese citizen, one Chinese person, one high-ranking Chinese official, one high-ranking American official, and the founder of the dark web "Silk Road" Ross Ulbricht.

The method of selling has become a key clue: this dumping was completed through Galaxy, a compliant enterprise listed in both the US and Canada, which absorbed the selling pressure through a combination of OTC (over-the-counter) trading and transfer to exchanges. This operation model, which heavily relies on compliant channels in the US, directly excludes the top three candidates related to China—because if they choose to cash out, they are more likely to prioritize channels in the Asian market.

The correlation between Trump's movements and selling.

Former U.S. President Trump's recent actions have further complicated the situation. He not only participated in the "American Crypto Week" event in a high-profile manner but also, against the backdrop of the market's general expectation of the passage of the "Stablecoin Act", rarely made a public call for cryptocurrencies. This seemingly redundant action is interpreted as providing "cover" for whale dumping—by creating positive market sentiment to alleviate the impact of selling pressure on prices. Combined with his unusual attention to the crypto field, Trump is regarded as an informed participant in this event.

Based on multiple clues, the main entity behind the selling pressure is pointed to Ross Ulbricht, the founder of the "Silk Road". His background corresponds highly with the holding period of this Address: after being arrested in 2013 for operating a dark web platform, his assets have been in a long-term frozen state, and recent rumors suggest a connection with the Trump family. Some believe that this dumping is the result of a negotiation between both parties – as a return for "rescuing" the Trump team, a significant portion of the liquidated funds will flow to the Trump family.

The chain impact on the Crypto Assets market

This round of selling has triggered a significant divergence in Bitcoin at high levels. As a signal of the relevant forces in the United States leading the sell-off, its direct impact is reflected in the stagnation of Bitcoin's upward momentum, with some institutional funds beginning to shift towards Ethereum. Currently, Bitcoin's capital inflow is highly dependent on ETF channels, and American retail investors remain unaware of the underlying logic, highlighting the market's fragility.

In the short term, if there is a lack of large incremental capital entering the market, the activity in the crypto market may continue to cool down. The expectation of the "US forces leading the exit" may further shake institutional confidence in Bitcoin, accelerating the transfer of funds to alternative coins such as Ethereum. This turmoil caused by ancient Whales is quietly rewriting the short-term landscape of the Crypto Assets market. #BTC#