BTC fell below $82,000 as whales cashed in tens of millions of dollars in profits! Three major signals emerged from the crypto market over the past week.

Over the past week, the key words in the crypto market were: cooling risk appetite, divergence in institutional funds, and continuous portfolio adjustments by large investors. First, macroeconomic market volatility put pressure on crypto assets. On October 22, weakness in tech stocks pressured risk assets, with BTC briefly falling below $82,000 and ETH dropping below $2,400, leading to increased risk aversion in the market. Secondly, whales are still actively adjusting their positions. Previously, a major ETH investor sold approximately 52,001 ETH, with an average purchase price of approximately $2,162 and an average selling price of approximately $2,632, accumulating a profit of approximately $24.48 million. This indicates that even those who are bullish on crypto assets in the long term may choose to cash out their profits once they reach their targets. Third, institutional funds have not formed a unified direction. The previous week, both the US spot BTC ETF and ETH ETF saw significant net outflows, with the ETH ETF experiencing greater outflow pressure. Overall, not all funds were leaving the market over the past week, but the market's tolerance for risk is decreasing. The key things to watch next week are whether ETF funds can stabilize, whether BTC can regain support from spot buying, and whether whales will continue to realize profits or rebuild long positions.