According to Cryptoquant, bitcoin whales currently hold around 670,000 bitcoins, which is the highest value ever. Undoubtedly, this is an optimistic long-term signal. As can be seen from the chart, when whale holdings are high, Bitcoin tends to show a sideways or local mild downward trend. This accumulation phase can be described as the medium- to long-term calm before the storm. The true growth wave of Bitcoin began when whales gradually reduced their holdings until their holdings were reduced.