Is there a trick behind the crazy accumulation of Bitcoin whales?

Recent on-chain data shows that Bitcoin whales are putting on a "whale swallowing" show.

This phenomenon has sparked heated discussions in the market: can the crazy buying by whales really drive up the coin price?

In the past month, mainstream trading platforms have lost over 50,000 BTC, equivalent to more than 2 billion RMB in chips being withdrawn daily.

This indicates that large holders prefer to hoard coins in anticipation of a price increase rather than cashing out for short-term gains. This "lock-up effect" objectively reduces the market's circulation, and when demand continues to rise, it can indeed serve as a catalyst for price increases.

It is worth noting that the operational strategies of whales show a clear pattern. Data indicates that whenever the coin price retraces to key support levels, these large holders will activate their "shopping cart mode".

This "buy more as it dips" tactic is highly similar to the accumulation of chips before the bull market started in 2020, indicating that smart money is building energy for the upcoming market.

However, there are still technical concerns. Currently, the coin price is encountering dual pressure around $87,000, with the 50-day and 200-day moving averages forming a technical resistance zone.

If it cannot effectively break through in the short term, it may retest the $80,000 support level. A breakout above may initiate a new market trend, while a drop below could trigger a deep correction.

I personally believe that the current market is at a critical turning point. Although the whale accumulation behavior injects confidence into the market, it is still the influx of incremental funds that truly determines the price trend.

Historically, Bitcoin usually experiences a "squat and jump" pattern after halving, and the current 30% retracement is still within a healthy range.

It is worth noting that this bull market has introduced the variable of spot ETFs, and the continuous inflow of institutional funds may change the traditional bull-bear cycle rules.

Ordinary investors should be wary of two key points: first, the continuous decline in exchange inventories may exacerbate liquidity risks, leading to severe fluctuations during extreme market conditions.

Second, the overly concentrated holdings of whales may trigger the risk of a "long squeeze".

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