Read this article as soon as possible before May 25!

The picture of cash flow and investor sentiment in the Bitcoin ($BTC) market at the moment.

1/ The market saturation condition is forming

Large whales (holding >10,000 BTC): Have stopped buying heavily, shifting to a neutral/watching state after a strong accumulation phase at low price levels.

This indicates: The upward momentum from this group is slowing down.

2/ The main driving group for price increase currently

Smart money group (holding 1k-10k BTC & 100-1k BTC):

Is accumulating strongly, being the main price driver.

This group is often flexible, easily shifting money to Altcoins if signs of a bullish wave appear.

📌 Note: If Altcoins start to explode, cash flow from BTC may be quickly withdrawn to flow into Altcoins.

3/ Small fish (<1 BTC) starting to enter

After a selling period, this week begins to buy back when seeing $BTC break the range 105K$ (could be a typo, so it should be understood as 105K or 10500$ which needs further verification).

This is a sign of the price consensus phase – not only large players but also small players are buying in.

4/ Market significance

Short term: The market has an overall bullish sentiment, buying pressure from all classes.

Medium term: Potential risk if large whales sell to take profit, which could pull the price down significantly due to their large holdings.