On November 21, Bitcoin plunged to a low of $80,600, and on-chain realized losses hit a historical record, with investors generally in extreme panic. Just as the market was overwhelmingly bearish and it was widely believed that $80,000 would be hard to maintain, an unexpected phenomenon suddenly appeared — some large whales began to rapidly increase their holdings at low levels.
Who will buy in the market's most pessimistic moment? The data gives the answer: it is a super whale holding more than 10,000 BTC that is actively accumulating. For many, this was almost unbelievable at the time, but the story revealed by on-chain data is far from over.
Observing the trends from the main holding groups, the current four important types of whales—10-100 BTC, 100-1,000 BTC, 1,000-10,000 BTC, and wallets greater than 10,000 BTC—are all showing a synchronized accumulation state. Among them, the 1,000-10,000 BTC and >10,000 BTC groups, which have been continuously selling for the past two months, have recently returned to the accumulation track after the significant distribution in October.
It is worth mentioning that the 100-1,000 BTC group has consistently increased its holdings throughout the entire phase and has not been swayed by the broader market trends. In other words, since October, there has been a clear divergence within the whale groups: some exited early, while others remained steadfast, and now this divergence is gradually disappearing, with various types of whales once again exhibiting a unified behavioral direction.
This data comes from the on-chain statistics of the last 15 days and excludes wallets of miners and exchanges, thus not being affected by events like Coinbase wallet reorganizations. For this reason, this round of whale inflow is seen as a more authentic and forward-looking signal.
If this accumulation trend can be maintained, it is crucial for repairing Bitcoin's bullish structure and reigniting bull market sentiment. The most fearful moments in the market are often precisely when the giants are the quietest and most decisive in their actions.#加密市场反弹
