In the Crypto Assets market, the behavior of large fund holders (commonly known as "Whales") has always been regarded as an important indicator of market direction. Historical data shows that these investment giants are usually able to accurately grasp market tops and withdraw in advance when a bull run is about to end.

Looking back at the bull runs of 2017 and 2021, whales started to reduce their holdings before the market peak. In the current upward cycle, we have also observed a similar pattern. Large funds had made phased reductions when Bitcoin prices were around $73,000 and $109,000. The most recent significant reduction in holdings occurred at the end of 2024, when the Bitcoin price was approaching $96,000.

However, it is worth noting that during the recent market adjustment, the behavior of Whales has shown unusual changes. They have not only refrained from large-scale selling but have instead begun to increase their holdings. This phenomenon conveys several important signals:

First, the current price correction may be limited. If Whales expect a deep decline, they are likely to have already begun large-scale withdrawals.

Secondly, this increase in holdings suggests that the bull run may not be over yet. The continuous influx of large capital provides strong support for Bitcoin prices, which could drive the market to continue rising.

Finally, the true bull run top may not have arrived yet. Investors should closely monitor on-chain data, as a large-scale and sustained sell-off by whale accounts, forming a clear downward trend, may indicate the true top of this bull run.

Overall, the behavior of large funds provides valuable reference for market participants. Although short-term fluctuations are inevitable, as long as the whales maintain an increasing position, the market may sustain an overall upward trend. However, investors still need to be cautious, closely monitor market movements, and manage risks effectively.