The behavior of giant whales and retail investors has begun to show clear differentiation. On-chain data shows that large holders are gradually accumulating at low levels, while short-term traders are still in a panic retreat; at the same time, long-term holders like Saylor continue to express their stance by using financing to withstand the cycle. This indicates that the market has not entered a phase of systemic abandonment, but rather a layered restructuring of risk tolerance.
