Analysis: The losses from this pullback by the super whale are significantly lower than before, and its core holdings remain firmly held.

According to Odaily Odaily, on-chain analyst Murphy stated that despite deteriorating market sentiment, the super whale who truly control massive amounts of BTC remain relatively calm. On-chain data shows that large wallets holding 1,000–10,000 BTC have only incurred losses of $80 million (7D-SMA), significantly lower than the levels seen during the two key corrections in August 2024 and March 2025. The same applies to even larger whale groups. Super whale holding 10,000–100,000 BTC have incurred losses of approximately $40 million (7D-SMA) in this downturn, also significantly lower than the losses in the previous two periods. The major funds in this round appear more mature and stable in terms of psychological expectations, risk tolerance, and position management, and these core holdings are still being firmly held.