Some fascinating data from Binance Research: 1. Funds are concentrating on top exchanges. Binance saw a net inflow of $15.7 billion in a single month, accounting for 75% of the total, 8.4x that of the second place. Big money is driving the market direction. 2. Retail investors are in 'panic sell' mode: clear signs of capital outflow. Around 53,000 BTC flowed into exchanges, all from short-term holders. Short-term funds are exiting the market, creating obvious selling pressure. 3. Whales are 'quietly accumulating': tokens are changing hands. In the past two months, wallets holding over 100 BTC have added more than 50,000 BTC. Whales are steadily buying up. This trend is particularly evident on exchanges, especially Binance. It’s a classic sign of token redistribution during the late bear market and early bull market phases. In short: Retail is selling, whales are buying. BTC is repeatedly hitting resistance near $80K but not dropping significantly, thanks to this structural factor providing support.