#数字资产生态回暖 Whale significantly reduces holdings, is this really bearish? 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 the problem from a different perspective.

The most vigorous rallies in each bull market are always based on this logic: seasoned investors who have held for many years gradually transfer their chips to new investors (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 reached a level where they are willing to exit. Since they are acting, it shows there are enough new buyers in the market to absorb the selling pressure. The key is whether this wave of buying can absorb the selling pressure — if it can, then after the turnover, continuing upward is a natural progression.

Currently, this fluctuation is essentially a process of filtering chips. Those who are not sufficiently determined are prone to be shaken out. When the indecisive exit, the market then has room for new capital to enter. $BTC $ETH $BNB All are within this window period, making it worth monitoring the subsequent changes in the capital flow.