Bitcoin fell below $92,000 again last night, causing abnormal market sentiment fluctuations. In such a market environment, large on-chain holders are doing completely different things—some are holding firm, while others are starting to massively close positions. Behind this divergence lies the true disagreement in the current market.

According to on-chain data, the recent whales entering the market haven't had an easy time. These new whales, with entry times of no more than 155 days, have an average cost basis around $98,000. As the price drops to $92,000, their unrealized losses have already accumulated to $6 billion. This group holds massive positions, and the psychological pressure is understandable. The $85,000 level is gradually turning into a risk zone that cannot be ignored—once breached, it’s hard to imagine what might happen.

Meanwhile, the veteran players are different. The seasoned longs, closely watched by the market, are currently holding their positions and showing strong resolve. On the other hand, some players in the short camp have already begun to close large positions to take profits, seemingly preparing for a possible rebound.

This market volatility clearly illustrates the situation. When you can see through the data who is adding to their positions, who is reducing, who is bottom-fishing, and who is panic-selling, you can feel the true temperature of the market. The actions of whales often reveal more about what will happen next than the price itself. Adjustments of hundreds of millions of dollars in positions, every subtle change, is telling the real thoughts of market participants.