$BTC ‌Breaking through the press head, unable to stop the rise, this time it started very quickly.

The most intriguing phenomenon in the Bitcoin market has arrived: large holders are accumulating BTC at an unprecedented rate, while retail investors are collectively selling off. What does this "counterintuitive operation" usually signify in history? **Large holders are truly quietly making a fortune** On-chain data shows that whales and large institutions are significantly stockpiling Bitcoin. This pattern of behavior is very similar to the pre-2016-2017 bull market—large capital, covert actions, continuous buying. The accumulation cycle at that time was also during the most pessimistic period for ordinary investors. **The hidden clues behind retail investors' cut-loss behavior** On the other end, small funds are busy cutting losses and exiting. But here’s an interesting contrast: collective retail selling often signals a bottom. Looking back to March 2020, when retail panic indices peaked, it actually marked the start of a strong rebound. **Risks cannot be ignored** It should be noted that on-chain data reflects past behavior and cannot directly predict the future. Market sentiment can reverse, and institutions can quickly shift their stance. Variables like interest rate hikes and geopolitical tensions can change the game at any time. **A reference worth remembering** When most people start saying "this time is different," it often indicates a market turning point. The behavioral differences between large and small investors essentially reflect the ongoing market game.