Analysis of BTC Cycle Stages Based on Super Whale Behavior They are at the top of the ecological food chain of Bitcoin, with almost no natural enemies; Played a crucial role as a ruler and decision-maker in multiple cycles; It is also the most powerful 'smart money' in the entire class. They are not a single person or entity, but a secretive group - Super Whales. According to Glassnode data, there are currently only 88 on chain addresses holding ≥ 10000 BTC. At the bottom of the bear year 22, there were a maximum of 121. (Figure 1- Number of addresses with balance ≥ 10k BTC) They are able to accumulate chips before the bull market starts each time, and then use the time to cross the top of the entire bull market to complete the distribution. For example, at the peak in October 2020, they accumulated 247w BTC, but by October 2021, there were only 202w BTC left, and in 12 months, they had reached the full bull market range, distributing 45.5w chips. (Figure 2- Total Supply of Whale Wallet) In this cycle, their peak chip accumulation occurred in June 2024 (254w chips), and their holdings continued to decline until reaching their lowest point in October 2025 (215w chips). This time, they distributed 39.2w chips in 16 months. The distribution time is longer than the previous round, but the total amount of chips is less. And now, this group has started a new round of accumulation mode: as of March 2nd, the total holdings have rebounded to 226w pieces. Their holdings remained the same (or even slightly higher) as in June 2022 (after Luna's exposure). From this perspective, based on the behavior of Super Whale, we can infer that the approximate position of the current bear market cycle should be in the 'middle' or 'middle to late' period. Once they complete their accumulation, it will be the middle of the next bull market, and then a large-scale distribution will begin, repeating this cycle .....