On April 5, Glassnode data showed that in the first quarter, the “sharks” holding 100–1,000 BTC and the “giant whales” holding 1,000–10,000 BTC together incurred losses of about $337 million, with total losses of $30.9 billion year to date. Long-term holders are losing about $200 million per day on average, and the market expects Bitcoin’s potential bottom range to be between $40k and $50k.

According to Glassnode data, in the first quarter of 2023, the average daily losses for “sharks” holding between 100 and 1,000 BTC and “giant whales” holding between 1,000 and 10,000 BTC were 188.5 million and $147.5 million, respectively, totaling approximately $337 million. Meanwhile, the year-to-date cumulative losses have already reached $30.9 billion, approaching the level of the 2022 bear market. Long-term holders’ average daily losses are still around $200 million, with the market affected by macro risks and weakening confidence.

According to Santiment’s data, despite heightened tensions in the Middle East, Bitcoin whales and sharks increased their holdings by 62,000 BTC over the past month, showing that holders are inclined to accumulate rather than sell. At the same time, the number of small wallets has also risen. Analysts believe the mega-whales’ accumulation could signal a potential price breakout, but they also warn that a short-term pullback may occur.

February 3 News, Hyperliquid (HYPE) performed remarkably this week, with a 7-day increase of over 40%. In the past 24 hours, it has risen by approximately 21%, with the price reaching a 10-week high of $38. On-chain data shows that both whales and mid-sized funds are increasing their holdings simultaneously. Coupled with technical confirmation of a bullish signal, the market is beginning to reassess the possibility of returning to last October's high of around $50. Tracking data from HyperDash indicates that whales holding between $1 million and $5 million have been continuously buying over the past week. Addresses labeled as "sharks" and "dolphins" with holdings between $50,000 and $500,000 are also showing signs of accumulation. Such behavior is often seen as a bullish indicator for the medium to long term and can influence retail investor sentiment.

Although Bitcoin's price has fallen to $89,400, "whales" and "sharks" continue to accumulate, indicating that "smart money" is absorbing positions, while retail investors are selling off. This capital flow may signal a long-term bullish trend.

The Federal Reserve cut interest rates by 25 basis points as scheduled, and the market reacted quickly, with Ethereum emerging as the biggest winner. Although Bitcoin hovered around $92,000, ETH successfully held its pre-meeting gains above $3,300, highlighting its sensitivity to liquidity cycles. This round of gains was not driven by leverage but by a structural reevaluation fueled by spot demand. CryptoQuant data shows that despite ETH prices rising, the funding rates in the derivatives market remain low, indicating that the typical high-leverage bubbles associated with upward movements have not appeared. On-chain data also supports this trend. Santiment reports that in the three weeks leading up to the Federal Reserve meeting, "whales" and "sharks" accumulated approximately 1 million ETH, worth over $3.1 billion. This suggests that institutions were betting early on a continued easing cycle by the Fed rather than aggressive tightening. Meanwhile, the approximately $66.5 billion in stablecoin reserves (dry powder) on exchanges provides strong potential buying pressure for the rally.