Capital Evidence of an Ongoing Bull Market: Crypto Whales Use Real Money to Break the 'Top Panic' Myth
The pulse of the market is quietly influenced by those whales who deeply understand the rhythms of the tides.
They are the 'smart money' in the crypto world,
the keenest perceivers in the wave of capital. Looking back at history, on the eve of Bitcoin's surge to $20,000 in 2017 and at dawn before the $69,000 historical high in 2021, these market giants always managed to quietly fold their wings before the frenzy reached its boiling point.
In this cycle, their footprints remain clearly discernible: When the price reached $73,000, they first adjusted their positions in phases; at the $109,000 threshold, they tightened their capital ropes for the second time; and most intriguingly, when the price fell back to around $96,000 by the end of 2024, the market saw a significant withdrawal—like a whale testing the depth of the sand before the tide retreats.
But the script is being rewritten at this moment. While most people are still hesitating over short-term fluctuations, on-chain data reveals an intriguing shift: those whales that once accurately escaped the peak are quietly increasing their positions.
In their wallet addresses, the flow trajectory of Bitcoin has shifted from net outflow to net inflow, like a lighthouse in the dark night, injecting confidence into the market with the weight of capital.
This conveys a clear signal: the current price correction is merely a technical adjustment on the way up. The real top is never forged by panic but occurs when whales begin systematic withdrawals, when their holding curves form a clear downward channel, and when every on-chain transfer is accompanied by massive selling pressure—that is when it's time to fasten the seatbelt.
The wisdom of the market often hides in the folds of capital flow. At this moment, the whales are using real money to write their judgments about the future market: the story of this bull market is far from reaching its conclusion.
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