Just noticed something interesting in the whale wallets over the past week. The big players bought hard during that Iran-related dip back in late February, loaded up when BTC was bouncing between 62k-70k range. Then the second it hit 74k, they started dumping. Offloaded like 66% of what they'd just accumulated.

Meanwhile retail keeps buying the dips. Every time price drops, smaller wallets are accumulating. Classic pattern that usually means the correction isn't finished yet. We're seeing it play out again now with BTC back around 73.8k and retail still chasing.

The real issue? About 43% of bitcoin supply is underwater right now. So every bounce just hits a wall of people trying to break even. Add the Fear and Greed Index sitting at extreme fear levels, and you've got a market at a fork in the road. Either whale distribution exhausts and we break above 74k with real momentum, or retail buying dries up and we test 60k support properly. The whale behavior this week is screaming the second scenario. Not saying it happens, but the smart money is definitely positioning for it.