Event correlation and speculation: Bitcoin bulls faced forced liquidation at $109,892, resulting in a loss of $12.49 million, associated with the speculation of 'sleeping seven-year giant whale adjusting ETH'. It needs to be verified whether the transaction sequence and amounts of the giant whale's address match. If true, it indicates that the giant whale's 'moving position' can directly impact the market, breaking the 'static balance' of long-term holdings, and its decision shifts from 'dormant' to 'active trading', becoming a trigger for price volatility. Market impact dimensions: $628 million in liquidations across the entire network in 24 hours, with over 130,000 people liquidated, reflecting the strong impact of BTC's downward spike. The liquidity crunch triggered by the giant whale's selling pressure amplified price fluctuations—strong liquidations further pushed down prices, forming a negative cycle of 'selling pressure → liquidation → correction', highlighting the concentrated risk explosion characteristics under high leverage and high correlation in the crypto market. Long-term impact of giant whale holdings: The giant whale still holds 67,118 BTC (approximately $7.62 billion), and its subsequent actions become a key variable. If it continues 'actively adjusting positions', it may repeatedly disturb market sentiment and liquidity; if it returns to 'sleeping', the market's ability to sustain itself after self-repair needs to be observed. Essentially, the giant whale's holdings are a potential 'gray rhino' in the market, and changes in its behavioral patterns will reshape BTC's supply, demand, and price expectations. Continuous tracking of on-chain address dynamics is necessary to anticipate the chain reaction impact of such 'massive fund movements' on the market.
