I know many friends have been confused. Now that the price of BTC is so low, is Gouzhuang selling? In fact, based on the data, both high net worth investors holding more than 10 Bitcoin and small-scale investors holding less than 10 Bitcoin have maintained a buying trend in recent times, especially small-scale investors who are currently the most active in buying at the bottom. As the giant whale of Gouzhuang, which refers to investors holding more than 1000 BTC, their BTC holdings have not decreased in the past month, but have continued to increase. Not only that, the stock of the exchange has also decreased recently, which indicates that the increase in whales is not due to the accumulation of more Bitcoin transferred into the exchange's wallet. I also understand that my friends may have doubts. Since everyone is buying, why is the price of BTC still falling? My opinion is: The increase in on chain holdings only indicates that the chips are being transferred, and does not mean that the current transaction is a net buy. At the same time, there are still selling orders in the market, which do not need to be large in scale. They only need to appear when liquidity is at its worst to push down prices. 2. It is often the passive selling of derivatives, rather than spot goods, that determines the price. In the downtrend phase, the most common thing in the market is not bearish people actively smashing the market, but rather the position structure forcing people to sell. For example, high leverage long positions are forced to reduce their positions, futures basis arbitrage is closed, and negative Gamma triggered by market makers or structured products leads to selling as they fall, all of which belong to non opinion selling orders. 3. The high net worth, whales, and even individual investors we see attracting funds are often buying gradually in a distributed manner, while the selling pressure in the market may be released in a concentrated manner within a day, and when the depth is insufficient, they can easily break through the support with just one blow. Talking to people means buying is very scattered, selling is very concentrated, and the result is that although everyone is buying, the price still falls. So I prefer to understand the current decline as not a sell-off by the market, but a turnover of deleveraging, risk reduction, and liquidity reduction. Bitcoin is shifting towards more determined investors, but before completing this turnover, the price will be dominated by derivatives and liquidity rather than faith. @bitget VIP， Lower rates and more generous benefits