I looked at the data, and the selling pressure transferred to exchanges in the past few days is not significant. Of course, it is very likely that the existing stock on the exchanges is being sold, which is possible, especially in a risk-averse market. The current #BTC clearly shows signs of panic.

However, from the data, it can be seen that during the decline, investors holding less than 10 BTC have a noticeable trend of reducing their positions, while investors holding more than 10 BTC have a clear trend of increasing their positions.

Some may ask, could it be that investors holding more than 10 BTC are addresses of exchanges? So I also checked the exchange data and found that as the price of BTC declines, the holdings of exchanges are also decreasing. Therefore, it is highly likely that the increasing investors are not exchanges.

Thus, it can be inferred that there are indeed high-net-worth investors (holding more than 10 BTC) currently bottom-fishing. Of course, this does not mean that high-net-worth investors are necessarily correct, but their ability to withstand pressure is generally stronger. It is even possible that they are users of ETFs; for instance, during the significant drop yesterday, BlackRock's investors made substantial purchases.

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