Today is the 485th day since I started posting updates, not a single day has been missed. Each post is not done half-heartedly, but is prepared with care. [微笑] If you think I am a serious person, you can follow me, and I hope the content every day can help you. The world is big, and I am small, so please follow me to avoid difficulties in finding me. [微笑][微笑]

This bull market is different from all previous bull markets. It's not just the price increase that is different; the structure of the participants has completely changed. Last Friday, ETH dropped from over 4000 to 3430, a decline of nearly 15%. Based on past experience, in such a significant crash, whales should at least reduce their holdings to hedge against risks. However, the data shows that whales not only didn't reduce their holdings but instead increased them by 80,000 ETH, worth 330 million dollars.

This behavioral pattern reveals several pieces of information:
First, the current "whales" are not the same group of people as the whales from 2017 to 2021. The previous whales were mostly early miners, ICO millionaires, or super lucky retail investors. Their mindset was to cash out for security, while the current whales are public companies like MicroStrategy, professional treasury management firms, family offices, etc. These institutions have investment cycles measured in years or even cycles; they buy based on macro asset allocation.

Second, short-term and medium-term investors are reducing their positions, while whales are increasing theirs, and this divergence is crucial. This indicates that retail investors and small funds are panicking, cutting losses, and being washed out. Meanwhile, large funds are stepping in, building positions, and preparing for the next wave of larger increases.

This is a typical "turnover". Every deep pullback in a bull market is a process where chips are transferred from weak hands to strong hands. The more sufficient this process is, the more stable the subsequent rise will be, because the position structure becomes healthier. #加密市场观察 #