In the past 8 hours, BTC has officially broken through its historical high, once surging to $111,800, instantly sending market sentiment into an "extreme greed" state. However, on-chain data shows that Binance has just received a large transfer of 5,000 BTC, worth over $550 million, indicating significant profit-taking by whales.
Bitcoin reaching $110,000 is undoubtedly a major milestone for the market, but the more critical the breakout, the more we need to be wary of unusual on-chain fund movements.
Large transfers by whales are usually accompanied by signals of a temporary top, and behind the extreme optimism of investors often lies market risk.
At such moments, I recommend appropriately reducing positions or setting stop-profit levels to avoid being forced to buy at high levels after whales cash out.
In the coming hours, closely monitoring the net inflow of BTC to exchanges will be crucial.
