When the market is shouting that the bear is here, some people are quietly making a fortune.

On November 21, the day Bitcoin fell to $80,600, the realized losses on-chain reached a historic high. Retail investors panicked and sold off, while KOLs collectively turned bearish, with widespread discussions about not being able to hold 80,000, and 70,000 and 60,000 beckoning.

But in such an atmosphere, there is a group that is frantically shopping.

It's not the small retail investors dreaming of getting rich overnight by bottom fishing; it's the super players holding over 10,000 BTC who are increasing their positions. You read that right, it's those whales that can influence market trends.

What’s even more magical is that I checked the recent on-chain wallet data (excluding exchange and miner addresses) and found that the four major groups holding 10-100 BTC, 100-1000 BTC, 1000-10000 BTC, and over 10000 BTC are all accumulating chips now.

Especially the two main groups - those holding 1,000 to 10,000 coins and those holding more than 10,000 coins. At the beginning of October, they were still frantically selling off, but after nearly two months of correction, they have now all turned to accumulation mode. Meanwhile, players in the 100 to 1,000 coin range have never stopped increasing their positions.

In simple terms, after October, the whales split into two factions: one group believes the bull market has peaked and is running away, while the other quietly buys the dip. It now seems that these people have once again come back to the same side.

It is worth noting that this data is from the past 15 days, and even the wallets recently organized by some leading trading platforms have not been included. If these big players can maintain their accumulation of coins, the underlying logic of a bull market is likely to regain its stability.

Retail investors are panicking, while whales are positioning themselves. The market is always this counterintuitive.