The true barometer of the crypto market is no longer the gossip on the streets, but the changes in holdings of those whales with substantial capital.
As Trump's tariff policy shows signs of easing, and both Hong Kong and the US improve their stablecoin regulatory frameworks, a silent financial game has been playing out wildly on the blockchain. In May, Bitcoin broke the historical high of $110,000, many retail investors hesitated, but the enthusiasm of the giants for buying surged like a thermometer in summer.
1. Institutional Actions: Unafraid of New Heights, Crazy Buying Spree
BlackRock has consecutively increased its ETH holdings over three days in May, while spending over $3 billion to increase its BTC position. Bloomberg analyst Eric Balchunas even remarked on platform X that BlackRock's Bitcoin holdings have reached the second largest globally, only behind Satoshi Nakamoto, and it is expected to become the world's largest Bitcoin holder by the end of next summer.
In addition to BlackRock, several listed companies are also quietly positioning themselves:
Metaplanet has repeatedly increased its Bitcoin holdings in May, with a cumulative holding of 7,800 BTC;
Semler Scientific CEO publicly stated that the company has increased its holdings to 4,264 BTC, with a yield of 25.8% this year;
Abraxas Capital has shifted to Ethereum, increasing its holdings by 107,600 ETH in a single month, valued at approximately $231 million.
Even the usually low-profile Pantera Capital has revealed that its largest holding is SOL valued at $1.1 billion, believing Solana to be 'one of the fastest-growing blockchains'.
Two, market logic: Why BTC and SOL?
1. Bitcoin: The institution's 'ballast'
The positioning of Bitcoin has upgraded from 'digital gold' to 'enterprise-level asset allocation tool'.
Valuation repair space: The current price is about 30% discounted compared to the implied fair value of the Nasdaq 100 index, which some institutions view as a window for positioning;
The compliance channels are smooth: Bitcoin spot ETFs have seen net inflows for several consecutive days, with BlackRock's IBIT once seeing a net inflow of $262 million in a single day.
2. SOL: A highly elastic target under policy dividends
SOL has recently become a new favorite among institutions, driven by three major forces:
ETF approval expectations: The SOL ETF approved by the US SEC achieved a net inflow of $152 million within three days of listing;
The technical ecosystem is active: Solana attracts a large number of projects in the NFT and GameFi fields. Although there are occasional risks of outages, the advantages of transaction speed and fees are significant;
Whale support: In addition to Pantera, several listed companies like DeFi Development Corp. have held nearly 700,000 SOL and amplified returns through staking strategies.
Three, the misconceptions of retail investors: Are you a 'greater fool' or a 'follower'?
On-chain data reveals a harsh reality: whales buy low and sell high, while retail investors chase prices and panic sell.
When Bitcoin fell from $120,000 to $90,000, the main sellers were 'mid-term holders' who had held for 1-3 years, while long-term whales holding for over 5 years actually increased their positions;
Some retail investors panic sell during price crashes, while large institutions seize the opportunity to accumulate. For instance, during Thanksgiving when BTC dropped from $19,000 to $16,000, small traders net sold while large traders actively bought.
What is even more concerning is the risk of contract leverage. On a certain day in October, the entire network's liquidation exceeded $19 billion, with the largest single liquidation reaching $203 million. The tragedy of 'dead bulls' and 'iron-headed bulls' lies in developing feelings for a particular cryptocurrency while ignoring the power of trends.
Four, my advice: How to seize the window period?
Keep an eye on the whales, but don't follow blindly.
Whale operations can be referenced, but not replicated. For example, a '100% winning rate whale' increased its holdings of BTC and SOL during market turbulence, but its strategy includes high-frequency algorithms and fee advantages. Ordinary investors should pay attention to on-chain data (such as Glassnode's SOPR indicator) instead of blindly following trades.
Give up leverage and focus on spot.
Current market volatility is amplified, and high leverage is prone to liquidation. It is recommended to control positions within 10% of total assets, with the portfolio configuration being: BTC (50%) + ETH (30%) + other mainstream coins (20%), adjusted dynamically every quarter.
Long-term thinking, patient layout.
A whale who built a position in ETH in 2017 made over $3.27 million profit after sleeping for three years. True profits belong to those who dare to be greedy in market panic and calm in market frenzy.
Five, epilogue: The market never stops, but your bullets are limited.
The crypto market is never short of opportunities; what is lacking is rationality and patience. Institutions are voting with real money, while retail investors should avoid becoming the 'fuel' for market volatility.
If you find this article inspiring, feel free to like and follow! I will continue to track the movements of the whales and help you break down the real signals behind the data.
(Disclaimer: This article is purely personal opinion and does not constitute investment advice. The market has risks, and decisions should be made cautiously.)
Focus on @加密崎哥 #巨鲸动向 $BTC $ETH
