This thread was posted a week after the FTX collapse, right at the bottom of the bear market. Obviously I did not know this at the time.
I think it's good to be aware how these big high timeframe moves/cycles work and how they tend to feel to the average market participant.
We saw insane amounts of OG Whale selling when $BTC was trading above $100K. These guys are generally the first that sell and what eventually sets a top if there's too much supply. They need upwards momentum to get the liquidity to be able to sell.
Only when price starts dropping, you'll see the retail sentiment turn and eventually these people also start selling. Whether it is to cover costs elsewhere or simply out of panic. But by then, most of the larger players that were looking to sell, are already out of the market.
It's why you see this sudden acceleration down now after price had been holding $80K-$100K for a while. It's a mix of panic and forced liquidations by some degens.
All this works the other way around as well. Bottoms are set by large buyers once sellers start running out. But it takes large price moves before the retail sentiment gets out of the bearish stance and back into a buying mentality.
twitter.com/DaanCrypto/status/...
