Looking from the high ground of the crypto market, two forces are in confrontation — one is the increasingly clear regulatory framework, and the other is the continuous movement of whales deep within the market. In between, there are also traders fighting with leverage.

Recently, an interesting event happened on the chain. A holder who had not moved assets in 14 years suddenly woke up, and 80,000 Bitcoins (about $9 billion) began moving toward trading channels. Logically, such a large sell pressure would trigger market panic — historical data shows that a unilateral sell of this scale usually causes a 30% drop. But what was the result? Bitcoin only fell 3-4% and rebounded within a few hours.

The orchestrator behind this is not a traditional top-tier exchange, but Wall Street institution Galaxy Digital. Their approach is very meticulous: splitting large orders into hundreds of small trades, absorbing liquidity through hidden order books in the depth of the market, while hedging in the derivatives market. It’s like a precise surgical operation — seemingly simple asset transfer, but actually a multi-dimensional market coordination.

This reminds me of the crazy moments among contract traders earlier this year. Some aggressive traders used 5x, 10x, or even 25x leverage to chase longs, dancing on the edge of a knife. Some turned $2,000 into $1 million, while others used 50x leverage to earn $6.83 million in a single day. It sounds legendary, but in reality — behind these stories are informational advantages and capital size.

Ordinary retail investors always see only the result, not every micro-operation during the process. Institutions have dark pools, derivatives tools, real-time market depth data — small accounts simply cannot replicate this gameplay. So when you see a screenshot of an account getting rich overnight, it’s almost always survivor bias — what’s forgotten are the many accounts that got liquidated.