Retail investors see a long wick candle and shout to exit the market, but on-chain data tells a completely different story – large investors are quietly accumulating at low levels.

The market last night scared quite a few people. Bitcoin repeatedly had long wick candles within a few hours, and comments on Weibo were all about "liquidation" and "it's over". But looking closely at the market chart reveals a pattern: each time a long wick candle occurred, it was precisely in the range of $86200 to $86500. Once or twice could be a coincidence, but so many times clearly indicates that someone is at work.

**Market sentiment vs actual operations, the gap is absurdly large**

The most striking phenomenon today is not how the price itself fluctuates, but rather the huge contrast in emotions and behaviors. The frequency of panic remarks on social media is as high as 40%, and the pessimistic sentiment among retail investors has reached a cyclical peak. However, this extreme pessimism usually does not appear at the top; instead, it is a characteristic signal of the bottom.

When most retail investors are cutting losses and fleeing, the operations of whale accounts follow a completely different logic. Glassnode's on-chain data shows that large investors holding between 1 and 1000 bitcoins are continuously accumulating. Interestingly, the whales that had been aggressively offloading coins have also slowed down their pace recently, indicating that even though the market is very noisy, the real smart money is quietly changing direction.

**Data speaks**

The behavior of Long Wick Candle is driven by large investors repeatedly testing support while using the panic psychology of retail investors to collect cheap tokens. If you are feeling anxious right now, there is an eight or nine out of ten chance that you are stuck in a position. Conversely, this extreme emotion itself is a signal—market bottoms often look like this.