#数字资产生态回暖 Whales significantly reduce their positions, is this really bearish? Actually, not necessarily.

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

The most aggressive rises in each bull market are always supported by this logic: seasoned investors who have held for years begin gradually transferring their chips to newer players (ETF institutions, retail investors entering the market). Without this process, no matter how much new capital flows in, it won't make a splash because of insufficient liquidity.

Whale activity indicates that prices have already reached levels where they are willing to exit. Since they are acting, it shows that there are enough new buyers in the market to absorb the sell-off. The key is whether these buy orders can absorb the selling pressure—if they can, then after the turnover, continuing upward movement is natural.

These fluctuations are essentially filtering the chips. Those who lack conviction are easily shaken out. Once the indecisive exit, the market then has room for new capital to come in. $BTC $ETH $BNB are all within this window period, making it worth paying attention to the subsequent changes in capital flow.