[Whale Holdings Remain Stable, BTC Unlikely to See 80% Bear Market Decline] On-chain analyst Murphy reported on October 17 that whale wallets holding at least 100 BTC currently possess 12.17 million BTC, accounting for 61% of the circulating supply, which is comparable to the holdings at the peak of the 2021 bull market. Unlike previous bear markets where large-scale whale sell-offs led to market crashes, whales have shown greater stability in this cycle. During the recent October 11 crash, whales incurred a single-day loss of only $400 million, significantly lower than the $2 billion loss in August 2024. Analysts believe that the steadier mindset of whales may prevent the recurrence of a year-long bear market with an 80% decline.