Market Signals: Portfolio Reshuffle and Liquidity Concentration Alert in South Korea Glassnode and the latest report from the Bank of Korea reveal the current complex microstructure of the crypto market: 1️⃣ Global Perspective: Long-Term Holders (LTH) Entering a Holding Phase Glassnode analysis shows that since BTC broke its all-time high, LTHs have collectively realized profits of approximately 3.8 million BTC. 2️⃣ Regional Risk: Severe "Whale-ization" in the South Korean Market The Bank of Korea's Financial Stability Report warns that 91.2% of South Korea's crypto trading volume is contributed by just the top 10% of accounts. Globally, long-term holdings are ceasing to flow out, indicating confidence among major players in the future. However, the "mass retreat" of retail investors in localized markets like South Korea suggests short-term liquidity is being drained. This "chip sedimentation" versus "liquidity loss" dynamic often signals heightened market volatility. When retail investors collectively exit, what's left is a battle between the whales.