There are brand new dynamics in liquidity and market maturity this cycle. The entire crypto game has changed. And I've been changing with it. In past cycles, OG whales selling coincided with final tops. This cycle, they've been selling for almost the past two years. They were even selling right at or near the bear market lows, around $16k–$20k! Was that the top? Nope... At this point, if you watch whales right now, it actually leans against the idea that we’ve already hit the top. Now we bring into play the Fed’s QT ending and balance sheet runoff stalling. Jerome Powell even recently said that we'll want to “start seeing reserves gradually growing to keep up with the size of the banking system and economy” (silent QE) Liquidity will flow back into risk assets, but in waves. I think whales are de-risking and re-allocating. Simple as that.(Dan Gambardello)