From the perspective of Whale Holdings, has this round reached its peak?

The driving force behind BTC prices has nothing to do with retail investors; it is driven by whales or institutions. Since 2018, the peaks of the two bull markets have had the same characteristics:

1. As it approaches the high point, there is a significant reduction in holdings by whales.
2. During the period of reducing positions, favorable news will be released, creating FOMO among retail investors, and the price will still have a period of increase, in conjunction with the whales reducing their positions.

Let's take a look at this data statistics chart. The chart shows on-chain addresses holding between 1k and 10k BTC, their total BTC holdings, and how it changes with price, specifically the changes in the holdings of Whale addresses.

In the last two bull markets, namely 2018 and 2022, both four-year cycles have had the same situation, where Whales begin to significantly reduce their Holdings, while the price still manages to form a phase of upward movement, reaching a price peak. Without exception, this is achieved by releasing positive news, creating FOMO sentiment, and attracting retail investors to chase high prices, completing profit-taking and reducing their Holdings.

Important!!!

At the current stage, there has not been a widespread reduction in the holdings of whale addresses; on the contrary, they are still continuously buying up, and the total amount of BTC held is still increasing. Why are we panicking?
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