# 加密周期

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