Recently, the situation in the crypto circle has been somewhat unusual. It's not about small coins suddenly skyrocketing to trap retail investors, nor macro news stirring up turbulence, but rather the actions of institutions and large holders controlling massive funds doing something unseen in 13 years—the accumulation scale of Bitcoin whales has directly hit a new record.

Let's first look at some hard data. Over the past 30 days, large investment groups have net bought approximately 270,000 BTC, which at current prices amounts to nearly $23 billion. On the surface, "$23 billion" is eye-catching, but what’s truly worth pondering are two overlooked details behind this figure.

First, these 270,000 BTC represent about 1.3% of the total supply of Bitcoin. Don’t underestimate this percentage—the total supply of Bitcoin is capped at 21 million, so 1.3% is already a volume capable of influencing market sentiment. Second, this is the largest concentrated purchase by institutional investors in the past 13 years. Since Bitcoin's inception in 2009, whether during the pre-2017 bull run or the post-2020 dip, such a scale of concentrated accumulation has never occurred.

Many people seeing this data might immediately think, "Whales are buying low to push the price up" or "They’re about to trap retail investors again." But in reality, what this reflects is a re-pricing of the long-term cycle of the entire crypto market by institutional funds. Whale actions often indicate a deep judgment of the market’s fundamentals—when large capital chooses such aggressive positions at this moment, it suggests their expectations for future trends are not simple.

The significance of this accumulation lies in breaking the previous market equilibrium. The rising concentration on the supply side means circulating supply will further tighten. Historically, whenever whales complete such scale accumulation, the market usually enters a new price discovery phase. The future direction depends on whether these big funds will continue to add positions and how retail investors will react subsequently.