Data: On October 11, during the flash crash, whales accumulated against the trend, and investors maintained confidence in the $110,000 BTC.

On October 13, on-chain data analyst Murphy published a comparison of the big dump on October 11 and the last round of the Luna crisis that entered a deep bear market. The external factors for the last cycle's shift from bull to bear included the Fed's monetary policy shifting from easing to tightening, while the internal factor was the Luna crisis in May 2022, which directly destroyed market confidence and became the trigger for BTC to completely enter the bear market. During the Luna crisis from May 10 to May 11, 2022, the BTC balance on CEX experienced explosive growth, with a peak on May 10 when the 7-day average inflow reached 48,595 BTC, while prices were still falling during the same period. This panic behavior of cost-irrelevant flight reflected that investor confidence was nearly collapsing. In contrast, during the big dump on October 11, no large inflow to CEX was observed; instead, the 7-day average maintained an outflow of 5,338 BTC. Under the impact of the sudden event, non-ETF over-the-counter demand did not decrease, and investors still maintained confidence in BTC around 110,000 USD. On May 10, 2022, among all large BTC transfers, whales transferred a total of 980 million USD into CEX in single transactions exceeding 10 million USD. However, during the big dump on October 11, whales transferred a total of 380 million USD out of CEX in single transactions exceeding 10 million USD. Even in this big dump, large investors, whose theoretical losses far exceeded those of ordinary retail investors, still chose to continue to increase their BTC holdings rather than cut losses and exit.