I recently observed an interesting phenomenon in the crypto market, with whale trading patterns fully exposed. During Iran's panic sell-off last week, large holders were aggressively accumulating at the bottom, then turning around and selling when Bitcoin rebounded to $74,000, making quick profits. Meanwhile, retail investors cheered as prices bounced back, following the trend to buy in, while whales quietly offloaded their holdings in the background—this routine happens every time.

According to on-chain data, wallets holding between 10 and 10,000 Bitcoins accumulated heavily during Iran's most panic-driven period at the end of February, when prices fluctuated between $62,900 and $69,600. When the price surged to $74,000 on Thursday, these players took profits directly, selling off 66% of their positions. Ironically, the number of small retail wallets increased after the price broke below $70,000, a classic case of chasing highs and selling lows.

Currently, market sentiment has fallen to extreme fear, with the Fear & Greed Index at only 12 points, the lowest since October last year. At the same time, about 43% of Bitcoin supply is in loss, meaning every rebound encounters selling pressure from those trapped. The price hovers around $68,000, roughly unchanged from two months ago, but with wild volatility.

Analysts believe the market may continue to adjust, either breaking above $74,000 or testing the $60,000 support level. Based on recent whale behavior, they seem to be betting on the latter.

Additionally, Bhutan is quietly taking action. The country held over 13,000 Bitcoins last October but has now liquidated 70%, leaving only 3,954. Their hydroelectric mining project has been stalled for over a year, indicating that small nations face significant pressure in crypto mining, contrasting sharply with large institutions increasing their crypto asset allocations.