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Bitcoin has returned to the psychological barrier of $90,000
On the surface, it looks like the bulls are rallying strongly, but when we open the underlying on-chain data, the operation logic of top smart money (Smart Money) is unusually calm:
1️⃣ Whale 0x7aBE... (Wintermute-related address): At the moment it touched 90k, this address did not choose to take profits but transferred 35 million USDC to a derivatives protocol. This is not purely bullish speculation but an establishment of Delta-neutral hedging. Large investors are using the liquidity at 90k to lock in profits and guard against possible fake breakouts.
2️⃣ An ancient whale (0x1c... starting with ): After sleeping for 2 years, it just transferred 500 ETH into a cold wallet, not an exchange.
Objective inference: The current 90k more resembles a “liquidity grab.” The big players are clearing short positions above 89.5k, but spot trading volume has not experienced an explosive increase. This means: before stabilizing above 90.5k, it’s still a game of accumulation and distribution. Don’t rush in when others are excited; stay alert when whales are hedging.
👇 Top smart money addresses and their track records worth watching closely:
🔹 0x7aBE0e8125868B7567786B1484C3f5545595379f
Excellent operation: In November 2025, just before the $BTC peak, precisely completed hedging, successfully avoiding a subsequent 20% correction; at the end of December 2025, continuously withdrew 12,000 ETH at low levels.
ETH, very precise cost basis.
0xEc7BF1F8D41BaAC2182f37cd128865Cebb96F237
Excellent operation: LINK veteran hunter. By executing 3 partial withdrawals before LINK broke through key resistance levels at the end of 2025, accumulated $8.5M in original positions.
$118k 90k #BTC # On-chain analysis #SmartMoney