The bitcoin market once again staged a thrilling scene, as whales quietly pressed the 'take profit' button, triggering a bloody storm across the entire market.
The bitcoin market has once again made investors experience what it means to 'walk a tightrope.' In just a few days, over 840 million in long positions were forcibly liquidated, while those whales who positioned early quietly exited with unrealized profits of up to 74 billion dollars.
This massacre came suddenly yet was expected—when bitcoin falls from its historical highs, every action of the whales pulls the market's strings.
01 Whales Take Action, The Market Trembles
The world of digital currencies is never short of dramatic scenes. Just when most retail investors were envisioning bitcoin breaking its previous highs, a meticulously planned profit-taking has quietly begun.
According to monitoring by blockchain data analysis platforms, the total unrealized profits of bitcoin holders recently estimated to reach $13 billion, most of which are concentrated in the hands of a few whales. These whales are not ordinary investors but individuals or organizations holding a large amount of bitcoin, whose buying and selling behaviors can directly influence market trends.
Whales seem to always sense market trends earlier than ordinary people. Data shows that as early as November 2023, a large number of whales began to take profits, selling about 60,000 BTC worth over $2.2 billion, directly leading to a price drop.
02 Bloody Liquidation, Long Positions Massacred
The market is always the most authentic teacher. When whales start to sell, leveraged traders become the first to be sacrificed.
On March 16, 2024, CoinGlass data showed that 248,000 people were liquidated in the bitcoin market, with a total liquidation amount of 812 million dollars (approximately 5.84 billion RMB), of which 668 million dollars (about 4.75 billion RMB) in long positions were liquidated. This scene inevitably brings to mind the largest correction in bitcoin history in June 2020, which involved the liquidation of 1 billion dollars.
Leverage is a double-edged sword. In a bull market, it can lead to huge profits; but when the market turns, it becomes the deadliest weapon. Many investors may not even realize it before being forcibly liquidated and losing everything.
03 History Repeats Itself, A Familiar Script
If you feel this scene is familiar, it's not an illusion. The profit-taking by whales triggering market turbulence has played out multiple times in bitcoin's history.
Looking back at history, there was the famous 'whale' case in 2014, where a whale holding 30,000 bitcoins attempted to sell, sparking widespread discussion in the market. In 2017, there were also instances of whales manipulating the market, and in 2021, whales made $6.72 billion by selling bitcoins.
Every script is strikingly similar: bitcoin price rises, whales quietly build positions; market sentiment peaks, retail investors rush to chase highs; whales begin to take profits in batches, and the market experiences a correction; leveraged traders are forcibly liquidated, accelerating the market decline.
04 The Story Behind the Numbers, Where Does the 74 Billion Dollars in Unrealized Profits Come From?
74 billion dollars—this number is enough to astonish anyone. But where exactly do the whales' unrealized profits come from?
The answer lies in their entry costs and positions. Most of these whales bought in large quantities at market lows and patiently held on to wait for a bull market. For example, one whale held bitcoin for 10 years, gaining 4,258%, a level of patience and determination that ordinary investors find hard to achieve.
In January 2024, a whale deposited 2,742 BTC (worth approximately 127.5 million dollars) into an exchange, profiting over 74 million dollars. This is the typical operational method of whales: accumulating at low prices, cashing out at high prices.
05 The Key Battle, The $110,000 Bull-Bear Divide
Market attention is now focused on the critical level of $110,000. Why is this price level so important?
From a technical analysis perspective, $110,000 is an important psychological threshold and support-resistance level. Historically, bitcoin has experienced intense battles between bulls and bears when breaking through important integer thresholds. If this level is effectively broken down, it could trigger a larger scale sell-off.
Fundamental factors are also at play. Macroeconomic data, halving cycles, and regulatory events are all influencing market sentiment. The impact of the bitcoin halving event on supply expectations is particularly important; historically, every halving has been followed by a price rise, but whether this time will repeat history remains uncertain.
06 Whale Mentality, The Difference from Retail Investors
The difference between whales and retail investors lies not only in the size of their capital but also in their mindset and operational strategies.
Whales are more patient; they can wait for years just for a perfect exit opportunity. For instance, that whale who held for ten years for a 4,258% profit exemplifies a long-term mindset that many retail investors lack.
Whales are better at utilizing market sentiment. They quietly accumulate during market panic and gradually distribute during market euphoria. Retail investors often do the opposite—selling in panic and blindly chasing highs in euphoria.
More importantly, whales have stricter risk management. They do not put all their chips on one position but instead build their positions in batches and take profits in batches. This is also why they can take away $74 billion in profits while many others suffer heavy losses in liquidation.
07 Future Outlook, Where Will the Market Go?
The key question now is: after this profit-taking, where will the market go?
In the short term, the market may need some time to digest the pressure from the whales' sell-off. Historical data shows that after large-scale profit-taking by whales, the market often experiences a certain degree of correction. However, in the long term, the fundamentals of bitcoin remain strong.
Blockchain technology continues to develop, institutional adoption is ongoing, and global digital currency regulation is gradually improving. These factors provide support for the long-term development of bitcoin.
For ordinary investors, it's important to learn from this event: do not overuse leverage, do not blindly chase highs, and learn to think like whales—patiently waiting for opportunities and managing risks strictly.
Watching bitcoin hover near the critical $110,000 level, both bulls and bears engage in fierce battles; this contest is far from over. Whales may continue to take profits in batches, while the market will continue to digest these selling pressures.
History keeps repeating itself, and human nature remains unchanged. True investment wisdom lies not in how much money is made in a bull market, but in how much profit can be taken before the storm arrives. While ordinary investors anxiously focus on short-term volatility, those whales have already calculated every step of their moves.
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