Did you think BTC has always been “controlled by whales”?

In reality, the whales keep changing. Different eras bring different strategies. 😎

The earliest was the [Mining Era].

In 2011 and 2013, long-term holders always sold even later than the price top—classic newbie whales: know how to mine, but don’t know how to sell.

Starting in 2017, things changed. At the very top of the price, on-chain holdings hit rock bottom at the same time—miners finally learned to “sell at the peak.”

Then came the [Mining + Exchange Era].

At the first top in 2021, on-chain was selling; at the second top, on-chain holdings didn’t move, but exchanges were offloading.

This showed that during this run-up, the real major sellers weren’t miners, but exchange funds.

Until the 2022 FTX collapse, the Exchange Era came to an end. 🪦

Now we’re in the [Mining + Exchange + ETF Era].

At the tops of 2024 and 2025, you’ll notice something:

On-chain holdings always bottom out after the price does.

Because the real sellers from ETFs are “Wall Street users,” not miners, and not exchanges.

To sum it up in one sentence:

BTC used to follow the miners,
then it listened to the exchanges,
now it’s starting to listen to Wall Street. 💼

So, are you still using the “4-year halving cycle” as your only metric to predict the market?

I don’t know if the miners believe in it,
but ETFs and Wall Street definitely won’t stick to your script. 😏

‍#BTC #庄家逻辑 #ETF时代 #加密周期 #btc