There is a phenomenon in the current market that is worth paying attention to—those major players holding large positions are quietly adjusting their holdings. On the leading assets BTC and ETH, more and more whale addresses are starting to gradually liquidate their positions, but you rarely see them make public statements.

This silent exit is quite intriguing. Without announcements, media coverage, or even a single word on social media, they are quietly cashing out their chips. Some speculate it is to avoid public opinion shocks, while others believe it reflects a subtle underlying concern.

The problem is that the vast majority of retail investors cannot understand the logic behind this. The market appears prosperous on the surface, with active trading, but on-chain data tells a different story. To truly understand this market, you need to learn to read the things that no one is saying.