According to ChainCatcher, on-chain data platform CryptoQuant stated on X that BTC whales have not exited the market, and their current behavior is similar to the accumulation period observed between August and September last year.
Additionally, the report cited by CryptoQuant points out that although Trump's tariff policies are brewing a crisis, they have not yet withdrawn (unlike their performance before the 2020 COVID pandemic crash). What we are seeing may be just a correction in the ongoing bull market cycle—albeit a severe correction—rather than a structural crisis that would trigger whale-level exits.
