One, the sequence of events (like a market suddenly being flooded with goods).

Today, a super whale (known as 'whale' in the circle) dumped 24,000 bitcoins (worth $4 billion) into the exchange in one go. The key is this person is particularly ruthless:

No 'slow selling': ordinary people will set a reasonable price to sell coins and wait for buyers, while he directly chooses 'no matter the price, sell immediately', equivalent to dumping a truckload of cabbage in a market and shouting 'pay me to take it away.'

As a result, the market collapsed directly: bitcoin's price plummeted $5,000 in half an hour, and those trading with leverage faced horrific losses—$300 million liquidated in 10 minutes and $400 million in 4 hours. A friend of mine had $500,000 principal, and because he didn't set a stop-loss, he woke up to find his account at zero.

Personal opinion: This kind of market crash is not normal operation; it's purely taking advantage of having more money to bully the market, no different from market manipulators.

Two, even scarier things are ahead (he still has 'bombs' in hand).

This major wallet still holds 152,000 bitcoins ($17 billion) untouched, equating to less than 14% of their holdings sold.

Comparable case: Last month, an early player (who mined in 2010) slowly sold 80,000 bitcoins through professional institutions, and the market only fell 3%. But this time, this person directly crashed the market, causing vastly different destruction.

My observation: these 'ancient whales' bought in at terrifyingly low costs (just a few dollars back then), and selling coins is no different from throwing money around. When they're ready to run, they won't care about retail investors' lives.

Three, why retail investors must be vigilant (painful lessons).

1. Don't bet on 'catching the bottom':

After today's crash, some leveraged traders rushed in to 'pick up bargains', only to see another bottom test resulting in another wave of explosions. Historical experience: whales rarely sell just once; in July, some dumped 30,000 bitcoins over five days.

2. Stop-loss is a lifeline:

My own strategy is: if my holding price drops by 5%, immediately cut my position in half; if it breaks 10%, clear out completely. This year, I've avoided three major drops with this rule.

3. Watch two signals before taking action:

Bitcoin stood firm at $115,000 for over three days (indicating strong follow-up funds);

On-chain data shows whales have stopped transferring coins to exchanges (tools like CryptoQuant can verify this).

To be honest: ordinary people cannot play against whales, but at least they can learn to 'dodge knives.'

Four, deep reflection (the market is changing).

Institutionalization is a double-edged sword:

Institutions like BlackRock can absorb $9 billion in sell-offs (like in July), but it has also turned Bitcoin from a 'decentralized currency' into 'Wall Street's new toy.'

Where are the opportunities for ordinary people?

I transferred part of my funds to ETH: some whales are selling BTC to buy ETH (like this one today), and with Ethereum ETFs being able to stake for yield, it might be more resilient in the short term.

Finally, let me say something truthful.

In a bull market, the whales feast while you sip soup; in a bear market, when they flip the table, you can't even keep your bowl. Never use your living expenses to trade contracts, and don't compare your scale with ancient players who only cost a few dollars—surviving is key to waiting for the next opportunity. If you want to delve deep into the crypto world but can't find a clue, and wish to quickly understand information gaps, click on my avatar to follow me, to receive first-hand information and in-depth analysis!#比特币巨鲸换仓以太坊