📉 The U.S. stock market plummets, dragging down the crypto space; whale sell-offs signal that the correction is not over.
Last night, the U.S. stock market faced heavy losses again, with the Dow dropping over 700 points and the Nasdaq seeing a nearly 2% decline. Geopolitical conflicts and inflation expectations are hitting hard, causing panic to quickly spread to the crypto market. Bitcoin briefly fell below $68,000, and Ethereum lost the $2,000 mark, with over $400 million liquidated across the network in just 24 hours. However, what is more concerning than the crash is the signal from on-chain data: just as market panic sets in, retail investors are frantically 'buying the dip', while whales are quietly distributing their holdings.
According to on-chain data monitoring, whale addresses holding between 100 to 10,000 BTC had been accumulating significantly from late February to early March, but began taking profits in batches after Bitcoin peaked at $74,000. At this stage, retail buying volume continues to increase, while whale wallet balances are steadily decreasing. Historical experience indicates that this structure of 'whale sell-offs and retail taking over' often means that the correction is not yet over, and market sentiment and liquidity remain diverged. In the short term, crypto assets may continue to face sell pressure until whales start accumulating again or significant changes in the external macro environment occur. #加密市场回调
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