My opinion: Why do whales sell BTC and ETH?

Whales are not just rich people, but cunning players. They do not panic, but manipulate. Here is what I think:

They make money on the waves: Prices are high ($116k for $BTC , $4760 for $ETH ). Whales sell part (150k BTC, 1.2M ETH in a month) to lock in profits, and then buy cheaper when the crowd gets scared.

They play on fear: They know that their transfers to exchanges (like 640k ETH in July) cause panic. FUD (fear, uncertainty) drives the price down, and whales buy at the bottom.

They prepare for changes: The Fed may raise rates, and the SEC is applying pressure (delays in ETF approvals). Whales are moving into USDT to wait it out.

Not just selling: Some whales are accumulating (2.3M ETH bought in a month), simply transferring to cold wallets.