#比特币价格波动 Looking at the data distribution from CryptoQuant, the recent Bitcoin volatility pattern is indeed very clear: during price rallies, retail investors experience FOMO and buy in, while whales take the opportunity to sell; during price declines, the opposite happens—retail investors cut losses and sell, while whales accumulate at low prices. We are currently in a retracement phase, and on-chain data shows whales are continuously accumulating.

This pattern repeatedly occurs primarily due to information asymmetry and differences in risk tolerance. Retail investors tend to chase gains and sell off based on emotions and market noise, while large holders often operate with a longer-term perspective and deeper fundamental analysis. From order book data, whales' timing for buying and selling is indeed much more precise.

The key is to recognize your own position—if you are easily influenced by market swings, you may need to adjust your strategy, such as extending your holding period, reducing trading frequency, or focusing on on-chain signals for confirmation rather than chasing price movements. If the current retracement is accompanied by continuous whale buying, it can serve as a point of observation.