The Bitcoin market has recently shown a clear emotional differentiation. By observing the changes in Bitcoin balances across different exchanges and the characteristics of the dominant trading groups, one can gain insight into the situation.

Between July 10 and August 3, the BTC balance at Binance increased by 26,000, and this portion of new assets constitutes potential selling pressure in the market. Since it is not possible to directly obtain internal trading information from Binance, as long as these inflowed BTC are not withdrawn and the balance does not fall to previous lows, the market will continue to face potential selling pressure.

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Data shows that players with single transaction amounts between $1 million and $10 million are the main driving force behind this risk, and their inflow behavior suggests that they may be planning or have already implemented selling operations.

(Figure 2)

The situation at the Coinbase exchange is quite the opposite. During the same period, the platform's BTC balance decreased by 45,000, indicating a significant potential buying demand in the market. This phenomenon suggests that U.S. players still hold a high enthusiasm for the current BTC price and are continuously transferring assets out of exchanges. The reasons behind this may come from the market itself, such as large players transferring to personal wallets after accumulating enough chips on CEX; or it may come from the OTC market, for example, market makers transferring BTC out of exchanges after completing trades to balance their own positions.

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But regardless of the reasons, the continuous release of potential buying power is an undeniable fact, and the behavior is predominantly driven by 'super whales' with single transaction amounts of no less than $10 million.

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In summary, the current market differentiation is mainly reflected in two aspects: from a regional perspective, U.S. players are actively increasing their Bitcoin holdings, while players in non-U.S. regions are seeking to exit for risk aversion; from a group perspective, high-net-worth individuals with assets over $1 million are the main source of selling pressure, while institutional players with assets over $10 million are not affected by short-term price fluctuations and continue to buy chips. This differentiation trend is worth the market participants' close attention.