What Bitcoin Did Why This Bitcoin Bull Market Is Different | Checkmate
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Aug 1, 2025 
Checkmate, a Bitcoin analyst and on-chain data expert who writes the Checkmate newsletter, explores Bitcoin's evolving market dynamics. He discusses why treasury companies are entering the scene and how institutional money is shifting on-chain behaviors. Checkmate highlights the implications of a recent 80,000 BTC sale on dormant assets and the distinct nature of drawdowns this cycle. He also delves into the impacts of quantum computing and corporate treasury strategies, giving insights into the future landscape of Bitcoin investment.
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Wealthy Investors Entering Bitcoin Market
- New interest in Bitcoin tends to come from individuals with wealth to protect, including retirees adjusting portfolios.
- The market experiences a low volatility climb that attracts cautious, financially strong buyers.
Short-Term Holders Drive Bitcoin Volume
- Short-term holders, those holding coins under five months, account for over 95% of daily Bitcoin volume.
- Their trading profits and losses form a key indicator of local market tops and bottoms.
Realized Cap Indicates Demand and Tops
- Realized cap growth reflects old money selling to new buyers, indicating demand for Bitcoin.
- High sell-side activity often coincides with price peaks, helping identify market top formations.