Owning 100,000 BTC is definitely not something an average person can do—it’s likely not even a 'person' but rather an institution. For example, major exchanges, regulated third-party custody platforms, and so on. Right now, we’re seeing that the total holdings of this super whale group have hit a new high in nearly three years. However, at the same time, the BTC balance on exchanges hasn’t increased. This indicates that the large amount of BTC being consolidated isn’t creating potential selling pressure by flooding into exchanges. Instead, it’s likely that after accumulating funds, the BTC is being moved to custody platforms. Why do we suspect this? Because through observation, we’ve found that over the past three years, the changes in this group’s holdings and BTC price have shown a significant positive feedback effect. In other words, when holdings increase, the price stabilizes, and not long after, it can continue to rise. When holdings decrease, the price peaks, and it may continue to drop afterward. While not perfectly synchronized, the overall pattern aligns. When we look at this data alongside the new cluster of holdings forming in the $77k-$78k range on the URPD chart, it explains why BTC has been showing short-term resilience—seemingly desensitized to bearish news but more responsive to bullish catalysts.