From on-chain data, an interesting contrasting phenomenon has emerged over the past period.

Latest statistics from Santiment show that since December 17, large holders have accelerated their accumulation by 56,227 BTC. During the same period, small and retail investors have been continuously reducing their holdings. What signals does this inverse behavior reveal?

Historical patterns tell us that whale holdings are not obtained for free. When major players continuously accumulate over 50,000 BTC, it is usually followed by a 10%-15% rebound. But this round is a bit different—the panic selling caused by retail investors leaving early might actually be the calm before the storm.

From a market psychology perspective, whales are positioning at the bottom, while retail investors are fleeing out of fear of a "rebound trap." The classic manipulation pattern (first causing retail investors to cut losses, then rallying the market) is playing out. The key question now is: how high can this rally go? Based on current distribution of holdings and resistance levels, $65,000 is a reasonable target zone.

It’s important to note that in the short term, whales could reverse their actions at any time, so this is not the time to chase the rally or sell in panic. A phased approach to positioning is more prudent:

Keep 30% cash ready for potential pullbacks. Allocate 50% of funds to mainstream cryptocurrencies to control risk. The remaining 20% can be invested in projects with solid fundamentals.

Ultimately, whales eat the meat, while retail investors drink the soup. But by mastering the rhythm and following market logic, opportunities will always be there. Now is not the time to chase highs, but to selectively position oneself.