According to on-chain data, BTC whales have shown a typical pattern of 'accumulation at low prices and distribution at high prices' over the past 20 days, analyzed Woominkyu, a contributor to CryptoQuant. He stated, "From the 1st to the 4th, while BTC hovered around $78,000, large-scale withdrawals occurred from exchanges. Particularly on the 4th alone, 6,590 BTC moved out of exchanges, confirming a signal of whale accumulation. Subsequently, from the 5th to the 12th, when BTC rebounded to around $82,000, exchange inflows increased. The market interprets this as a typical distributed selling pattern where whales engaged in profit-taking during the retail investor FOMO phase. Selling pressure continued overall from the 13th to the 20th. On the 18th alone, 8,063 BTC moved to exchanges, and the total exchange BTC holdings increased from 2.677 million BTC to 2.696 million BTC, reaching a monthly high. Meanwhile, the market is currently focusing on the $76,000 range as a key support level, and analysis suggests that if the increase in exchange holdings continues, short-term selling pressure may persist," he explained.
