The recent viral news is like this— a major trading address sold off 3,846 BTC longs overnight, losing $3.6 million, then withdrew $31 million and exited. At first glance, it’s indeed shocking, with many shouting "The top is here." But if you only look at the surface, you fall into the trap of public opinion.

A deep dive into the details of this operation reveals some clues. This address still holds 30,000 stETH (close to $100 million), along with a position of $370 million on a major lending protocol, and hasn't moved at all. What does this indicate? It’s not about liquidation or running away, but rather blatant position adjustment. Recent on-chain data shows that this whale had long positions on multiple platforms, and now is selectively closing some, then withdrawing, with a clear logic— releasing short-term selling pressure to prepare for the next round of deployment.

The market often interprets large stop-losses as a sign of trend reversal, but in reality, this is just normal liquidity cleansing. The clever part of this whale’s move is that he directly dumped during market panic, lowering his cost basis. That $31 million could come back at any time. From a macro perspective, the ETF fund flow logic remains unchanged, and the driving force of the halving cycle still exists. The micro-adjustments of big on-chain players don’t fundamentally alter the overall direction.

Whether BTC can break previous highs depends on sufficient liquidity. The current correction just confirms the judgment from a week ago—that a shakeout is needed to consolidate positions. Those echoing bearish calls haven’t really understood the data; the whale’s stETH and lending positions remain unchanged, showing a long-term attitude that’s well understood.

Strategically, it’s better to add to spot holdings during the pullback, as the cost will be more favorable. The short-term target is around $95,000, but this depends on whether the current shakeout fully releases panic. Remember, top traders win by seeing through market noise.