I was awakened at 3 AM last night by an $80 million ＄BTC transfer, and looking at the on-chain data was as thrilling as watching a suspense movie 🕵️
The money flowed out of Binance and straight into a cold wallet that had been dormant for 2 years. At that moment, I thought either institutions were bottom-fishing, or big players were preparing to run away. However, looking at the market today, mainstream coins have all slightly dropped, with ＄BTC down 0.5%, ＄ETH down 1.6%, and ＄SOL unable to hold up, down 1.7%.
Interestingly, the on-chain data and the market tell two completely different stories. In the last 24 hours, more than 10 whale addresses have quietly accumulated ＄BTC, buying over 30,000 coins in total. These old foxes are as calm as someone buying cabbage at a market, buying more as prices drop.
I have been tracking these whales for nearly 3 years and have noticed a pattern: they never buy during the bustling times, always waiting until everyone is afraid. During the worst of the bear market in 2022, these people were madly buying; when ＄SOL climbed up from $8 last year, they had already been fully invested.
【On-Chain Truth】Retail investors are panicking and selling, while whales are quietly picking up the pieces. This wave of adjustment might just be a washout, and the real upward trend is still ahead 💪
Currently, ＄BTC is hovering around 66500, and from the on-chain capital flow, this position is the whales' comfort zone. If it falls below 65000, it is estimated that large holders will start bottom-fishing again.
In short, looking at on-chain data is like peeking at the answers; the wallets of whales are the most honest voting machines.
NFA, for reference only
❓ Have you ever paid attention to on-chain data? Have you discovered any interesting phenomena?
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