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#美联储回购协议计划 BlockBeats December 27 News: CryptoQuant founder Ki Young Ju made an interesting observation using on-chain data. He discussed the distribution of Bitcoin spot order books—
When the market is rallying, retail investors are buying frantically, while whales are actually selling. When the price drops, the script reverses: retail investors start to cut losses, and the big players are accumulating at low levels.
What is the current situation? The price is pulling back, and whales are positioning. This stage usually indicates that large funds are gradually building positions, and retail panic selling is being absorbed.
The performance of major coins like $ETH, $BNB, and $SOL shows similar capital battles. If you want to catch the bottom, you need to see clearly who is taking the buy orders.