The cryptocurrency market is witnessing a thrilling "whale exodus." The latest data from CryptoQuant is like a heavy bomb: those super players holding 10,000 to 100,000 Bitcoins have dumped over 30,000 BTC in just six days, with a selling pressure of $3.45 billion sweeping the market like a tsunami, directly pressing the price of Bitcoin down to the $115,000 mark. The market sentiment has flipped from "greed" to "fear" so quickly that it’s suffocating.
What chills the market even more is that a group of "ancient whales" that have been dormant for years have suddenly opened their eyes. These veteran players, who have been lurking since Bitcoin was worth only a few cents, have wallet addresses that have been silent for years, and now every transfer they make feels like dropping a deep-water bomb into the market. When these veterans, who have witnessed Bitcoin rise from dust to glory, choose to turn and leave, it’s like the party host has turned off the lights—there’s no clearer signal: this celebration is likely coming to an end.
The selling calculations of the whales are actually not hard to understand. The crazy rise since the beginning of the year has inflated the paper wealth of early investors to frightening numbers. At this moment, cashing out is merely a common behavior of turning numbers into real money. Adding to the current tense geopolitical situation and uncertain regulatory winds, it’s not surprising that this group of "smart money" chooses to make an early exit.
From a technical perspective, $115,000 has become the lifeline in the battle between bulls and bears. If this support is breached, panic selling could trigger an avalanche like dominoes falling. Market depth data reveals a harsh reality: the current buying power simply cannot withstand such overwhelming selling pressure. Every rebound is met with fiercer sell orders, and this soft struggle seems to foreshadow a deeper adjustment just around the corner.
Interestingly, not all whales are jumping ship. On-chain data shows that a few large holders are still picking up goods against the trend. This divergence is like some sailing while others abandon ship in a storm, indicating that even top players are in fierce disagreement over the market direction. However, the sellers' fists are clearly harder at the moment, and the resistance from a few buyers is unlikely to change the inertia of the trend.
Veteran investors often say that the collective movement of whales is usually a "turn signal" for market cycles. In previous bull-bear transitions, similar large-scale sell-offs have precisely occurred at market peaks. Whether history will repeat itself this time is still uncertain, but for ordinary investors, when those who understand the rules of the game start to retreat, holding on might not be the smartest choice. After all, there are plenty of opportunities in the market, but once the principal is lost, one can only watch from the sidelines as others play.
