**[Analysis: Current BTC Price Surge Structure Resembles Bull Market Main Uptrend, Whales Did Not Sell Off]** BlockBeats News, September 6 — On-chain analyst Murphy published an analysis titled *"Anomalous Behavior During the Price Surge: Whales Did Not Sell Off."* Typically, the "BTC On-chain Accumulation Trend Score" is used to measure the behavioral direction of on-chain whales over the past 30 days, indicating whether they are net buyers or net sellers. A score close to 1 (black curve on the chart) can generally be interpreted as entities holding thousands or tens of thousands of BTC increasing their holdings. A score close to 0 (yellow curve on the chart) suggests two possibilities: whales are distributing their holdings, or they are staying inactive. Comparing the data, during the January surge to $97,000 and the May surge to $82,000, the chart curve was yellow, indicating that while the price rebounded, whales were net sellers. This is the standard structure of a bear market rebound, where prices are driven up by short covering and short-term capital, while whales take the opportunity to sell off. Such rebounds lack sustained support and eventually end. However, during the current surge from $60,000 to $80,000, the chart curve is black, indicating that whales have been net buyers over the past 30 days. Among the three rebounds, this is the first time we’ve seen a combination of price increases alongside whale accumulation. Of course, whale accumulation does not necessarily mean this is the bottom or that a trend reversal is guaranteed. But at the very least, it suggests that this price surge is structurally healthy. Typically, such a structure — price increase + simultaneous whale accumulation — only occurs during the main uptrend phase of a bull market. The previous bear market bottom did not exhibit this structure. After the FTX collapse in November 2022, the curve was dark near the $16,000 level, but during the January 2023 surge, it turned yellow. This indicates that whales were buying at the bottom but realized profits during the surge or at least stopped accumulating. So why did prices rise in January 2023? Likely due to three driving forces: derivative short covering, a shift in macroeconomic expectations, and amplified price elasticity caused by liquidity drying up after the FTX collapse. The accumulation behavior of smaller funds is not reflected in this chart. By comparing the data, it’s clear that January 2023 and August 2026 are fundamentally different. While the price paths look similar, the on-chain capital structures are not. Finally, it’s worth noting that this data alone cannot determine price movements but can help assess the health of a price surge. This is highly beneficial for trend formation and boosting market confidence. [Original Link]