#数字资产生态回暖 Whale significantly reduces its position, is this really bearish? Actually, not necessarily.

On-chain data has been quite interesting lately — long-term holders (LTH) continue to increase. Many newcomers get scared when they see this, but we need to look at it from a different perspective.

The most vigorous rises in each bull market are always backed by this logic: those who have held for years start gradually transferring their chips to newer participants (ETF institutions, new retail entrants). Without this process, no matter how much new capital enters, it won't make a splash because of insufficient liquidity.

Whale activity indicates that the price has already reached levels where they are willing to exit. Since they are acting, it shows there are enough new buy orders in the market to absorb the selling pressure. The key is whether this wave of buying can absorb the selling pressure — if yes, then after the turnover, continuing upward is a natural outcome.

This current fluctuation is actually a process of filtering chips. Those who are not sufficiently committed are easily shaken out. Once the indecisive are gone, the market will have room for new capital to enter. $BTC $ETH $BNB During this window period, it’s worth paying attention to subsequent changes in the capital flow.