[Data: Whales Accumulate Against the Trend During the 10.11 Crash, Investors Maintain Confidence in $BTC at $110K] BlockBeats News, October 13, on-chain data analyst Murphy published an article comparing the 10.11 crash to the previous Luna collapse that led to a deep bear market. The external factor for the bull-to-bear transition in the previous cycle was the Federal Reserve's shift in monetary policy from easing to tightening, while the internal factor was the Luna collapse in May 2022, which directly destroyed market confidence and became the trigger for $BTC's full entry into a bear market. During the Luna collapse from May 10 to May 11, 2022, Binance's $BTC balance saw an explosive increase, with a 7-day average inflow of 48,595 $BTC at its peak on May 10, even as prices continued to decline. This kind of panic-driven, cost-agnostic exodus reflected the near-total collapse of investor confidence. In contrast, during the 10.11 crash, no significant inflows to Binance were observed. Instead, the 7-day average outflow remained at 5,338 $BTC. Despite the impact of the sudden event, off-exchange demand outside of ETFs did not decrease, and investors continued to maintain confidence in $BTC at around $110K. On May 10, 2022, during all large $BTC transactions, whales with single transfers exceeding $10 million collectively deposited $980 million into Binance. However, during the 10.11 crash, whales with single transfers exceeding $10 million collectively withdrew $380 million from Binance. Even though the theoretical losses for large holders during this crash were far greater than those of ordinary retail investors, they still chose to continue accumulating $BTC rather than selling off and exiting.