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Recent data indicates that whales are still in a cautious selling phase, impacting the short-term bullish momentum of the market.
· Continuous selling activity: The "whale ratio of the exchange" (which measures the flow of currencies from the top 10 wallets to the exchanges) showed a significant increase in late November 2025. The persistence of this ratio in a high area indicates the whales' continued readiness to sell rather than accumulate, which historically correlates with challenges in forming strong market bottoms.