From the perspective of whale holdings, is this round really at its peak?

The movement of BTC prices is unrelated to retail investors; it is driven by whales or institutions. Since 2018, the peaks of the two bull markets have shared the same characteristics:

1. Near the peak, there is a significant reduction in whale holdings.

2. During the reduction period, positive news is released to create FOMO among retail investors, leading to further price increases, coordinated with the reduction of holdings by major players.

Let's take a look at this data chart, which shows on-chain addresses holding between 1k to 10k BTC, representing their total BTC holdings and how they change with price fluctuations, i.e., the changes in whale address holdings.

In the last two bull markets, namely 2018 and 2022, the same situation arises in both four-year cycles, where whales begin to significantly reduce their holdings, while prices still manage to form a stage of increase, reaching the price peak. Without exception, this has been achieved by releasing positive news, creating FOMO, and attracting retail investors to chase high prices, completing profit-taking and reduction of holdings.

Key Point!!!

At this stage, there has not been a significant reduction in whale addresses; instead, they are continuously buying, and the total amount of BTC they hold is still increasing. Why are we panicking?