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The cryptocurrency market is experiencing a mass exodus of whales. According to the latest data from CryptoQuant, super players holding between 10,000 to 100,000 bitcoins sold over 30,000 BTC in just six days, with a total value of up to $3.45 billion. This scale of concentrated selling directly suppressed the price of bitcoin to $115,000, and market sentiment instantly shifted from greed to fear. Even more unsettling is that many ancient whales, which have been dormant for years, are also starting to awaken. These addresses that have held large amounts of assets since the early days of bitcoin have suddenly become active, and every move they make sends tremors through the market. When these old players, who have witnessed bitcoin rise from a few cents to over a hundred thousand dollars, choose to exit, the signal is clear: they believe the party is over. The motives for whale selling are not hard to understand. After a frenzied rise since the beginning of the year, many early investors' paper wealth has reached astronomical figures. It is only natural to choose to take profits at this position, as paper wealth can only become real wealth when it is realized. Coupled with the current geopolitical tensions and regulatory uncertainties, it is not surprising that smart money chooses to run for cover. From a technical perspective, $115,000 has become a critical battleground for bulls and bears. If this support level fails, panic selling could trigger a snowball effect. Depth market data shows that current buying power is far from sufficient to absorb such a large-scale selling pressure. Every rebound is suppressed by larger sell orders, and this weak performance suggests that a deeper adjustment may be imminent. It is worth noting that not all whales are selling. On-chain data shows that some large holders are still accumulating on dips. This differentiation indicates that even within the whale group, there are significant differences in judgment regarding the market outlook. However, when the selling power clearly dominates, it is difficult for a few buyers to reverse the trend. Historical experience tells us that collective action by whales often marks turning points in market cycles. In previous bull-bear transitions, similar large-scale sell-offs occurred in the top regions. Whether this time will repeat history remains to be seen, but for ordinary investors, blindly holding on when smart money starts to retreat may not be a wise choice. The market is never short of opportunities, but capital is only available once.