#比特币价格走势 Whale entry rhythm has changed. Binance's 30-day average inflow of BTC has approached the yearly peak of 8915 coins, just one step away from the March high — and history tells us that similar inflow peaks are often followed by significant corrections.

A more direct signal comes from on-chain data: the CEX whale ratio has rapidly risen to 0.47, and Binance's 14-day EMA has reached 0.427, hitting a new high since April. This is not accumulation; it’s risk aversion and profit-taking. Large funds do not increase exchange holdings without reason; exchanges with ample liquidity are precisely their preferred places for large-scale outflows.

Combined with CryptoQuant’s risk avoidance model data — six indicators all point to high-risk zones, with the profit-loss score dropping to -3, reflecting extreme concentration of loss-making UTXOs. The current -32% retracement has exceeded normal cycle correction ranges, but there is still some distance from panic selling. This "middle zone" is precisely the most vulnerable.

Bitcoin’s selling pressure above $93,000 is intensifying, and further upward movement is becoming more difficult. As long as macro conditions and on-chain profit indicators show no signs of improvement, the probability of testing support levels in the short term is higher than continuing to rise. The current price stability is merely a consolidation feature, not a bottoming feature.