Market turns around in a blink, and people just can't keep up. In the early hours, Bitcoin staged a big show at the $85,000 level, dropping and then bouncing back. This kind of rollercoaster really makes your eyes wide open.

I looked through on-chain data and found something interesting—those big players are quietly accumulating. The buying pressure in spot markets is clearly increasing, with order sizes remaining high for over a month. But to be honest, I prefer to stay on the sidelines and watch.

**Deep-water whales are playing a game**

Although market sentiment is poor, the activity of large holders is actually increasing. Not long ago, a mysterious whale threw in 540 million to go long on Ethereum, unphased even after losing 20 million.

Earlier, in early November, when Bitcoin fell below $100,000, whales had already started to reverse their positions and accumulate ETH. Some well-known investment institutions publicly announced they were building positions in ETH, saying "before the US government reopens, it's all opportunities."

But the key point is, after the launch of the spot ETF in 2024, the game has changed. Who truly holds the power now? It's not the whales, but the inflows and outflows of ETF funds. If giants like BlackRock experience large inflows or outflows, a single whale's power is simply no match.

**Candlestick patterns are speaking, and my ears are listening**

Putting emotions aside, looking purely at the charts, the technical picture is quite clear—things are not looking good:

A volume-driven bearish candlestick has appeared on the daily chart, with an upper shadow, indicating that every rebound is met with heavy selling pressure.

Short-term support levels are around 84,000 to 85,000. If this support also fails...