Looking at the bear markets of '22 and '26, it's clear that whale accumulation in the early stages can't stop prices from falling. It can only provide temporary support but can't change the overall trend. As the saying goes, 'Strike while the iron is hot, but the second blow weakens, and the third exhausts.' During prolonged multi-phase declines, emotions and selling pressure are gradually released and exhausted. After that, when whale accumulation happens again, its impact is different. Just like the 1/2/3 I marked in the chart, the effect of 3 is often more significant than 1 and 2. If the earlier sell-offs were like a raging flood, by this point, it's already a spent force. Maybe not yet, but if there’s a 4, 5... after this, it’s worth paying close attention. It could be the first ray of light at dawn!