Crypto market fluctuations have never been just a numbers game.

Looking at $BTC repeatedly testing around $85,600, $ETH has already fallen below the $3,000 mark, and the entire market is shrouded in a suppressed atmosphere. In just the past 24 hours, over 110,000 traders have been liquidated, with total liquidation amounts soaring to $282 million. Even institutional-grade spot ETFs are continuing to exit.

But is this really just a normal decline? No.

On-chain data tells a more interesting story — this is a "whale exchange" show. The old forces are rotating out, while new forces are taking over.

**The old whales are reducing their holdings.** Long-term whales, who have held Bitcoin for several months, have recently started selling off gradually. This data itself explains why prices are under pressure — simply put, they are taking profits at high levels. For them, this move is both a graceful exit and a real cash profit realization.

**The new whales are taking the hit.** Statistics show that short-term holders' Bitcoin reserves are increasing significantly. The problem is, the current entry costs are not cheap, so these new entrants are now sitting on paper unrealized losses.

Calling it a "collapse" is too extreme; it’s more like a "transfer of wealth and power." The veteran players are cashing out safely, while new players and institutions are repositioning amid turbulence, preparing for the next cycle. The entire market is undergoing a necessary "filtering of steadfast chips."

Looking at market volatility from a different perspective, your mindset changes. This is not doomsday, but a marathon — some are choosing to get off, while others are just getting on. Instead of being scared by short-term "stampedes," it’s better to think about what can truly generate long-term returns.

In this environment of old and new replacing each other, full of strategic battles, players who are not obsessed with chip tactics are instead focusing on building real value. This persistence itself is accumulating the deepest consensus for "cycling through the periods."

The question is: who will be the next cycle’s winner? Will it be the seasoned veterans skilled at timing the top, or the new forces daring to make bold moves amid extreme panic?