The market appears quiet, but undercurrents are surging.

Over the past day, Bitcoin has repeatedly tested the $90,000 level, with the candlestick chart showing a boring sideways trend. But the story on the chain is not so simple — a large amount of Bitcoin is continuously flowing out of mainstream exchanges and into private wallets. This is not typical retail behavior, but a sign that big funds are preparing for a larger move. They are draining liquidity and getting ready for potential upcoming actions.

The numbers are right in front of us. The BTC price is hovering around $90,430, with bulls and bears stuck in a stalemate at the 90,000 mark. The most brutal part involves leveraged traders — 119,000 traders were liquidated within 24 hours, with total losses reaching $416 million. Such sideways squeezing is most damaging to leveraged positions.

What about market sentiment? The Fear and Greed Index rebounded from extreme fear to 29, barely entering the "fear" zone, indicating that investor sentiment remains very fragile.

So what are the whales really up to? Chain data speaks clearly — large wallets holding between 10 and 10,000 Bitcoin were selling off recently, but by the end of November, they suddenly started accumulating again. At the same time, some whales transferred thousands of Ethereum to mainstream exchanges (appearing to be preparing to sell), and new wallets are heavily withdrawing Solana. Between these inflows and outflows, major funds are actively shifting and reorganizing their positions, which does not indicate a fully bearish outlook.

How to navigate this market? Simply put — be cautious.

Leverage should not exceed 5x. Until the market direction is clear, every position opened should be treated as a trial and error — stop-loss is a must. Consider $88,000 as the bottom line for Bitcoin; positions above this level can be used for small entries, betting on a rebound. Strong resistance is at $92,500 to $93,000; when approaching these levels, consider reducing positions or even going short.

Where are the real opportunities? Watch the whale’s rebalancing activities. If funds shift from MEME coins like PEPE to core assets like Ethereum, it could indicate a change in market style.

Remember this: When whales start withdrawing coins from exchanges, it usually doesn’t stay quiet for long. Until a clear trend emerges, surviving is winning.