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Data shows a notable cooling in whale activity last December. Inflows to a major exchange dipped significantly from $7.88B to $3.86B, marking a sharp pullback in large-holder deposits. This shift suggests that while the occasional whale transaction still makes headlines, the sustained buying pressure from institutional and whale players has lost momentum. The contrast is telling—fewer whales parking capital at the venue, even as sporadic large moves continue to ripple through the market. For traders monitoring onchain patterns, this could signal a shift in accumulation sentiment among top-tier holders.
The key issue is that **the sustained buying pressure has disappeared**, and that's the real problem. Occasionally, one or two large transactions can create buzz, but they can't support a sustainable growth foundation. I think it should be viewed from three aspects:
**Playability**—Market enthusiasm is indeed waning; fewer people are willing to take the plunge
**Economics**—Whales are watching on the sidelines, indicating that the current ROI at this price level isn't meeting expectations
**Sustainability**—This is the most painful part; without large players continuously entering, how can retail investors sustain?
Honestly, I'm a bit worried. This situation is quite similar to the cold period after the initial surge of those pump-and-dump projects... However, the change in institutional players' attitude actually gives us an opportunity to reassess market sentiment.
The enthusiasm of big players entering the market has faded, this is the real signal, right?
Whales have cooled down in December, retail investors should be alert.
Without big players stepping in to buy, what will happen next?
This wave of emotional accumulation and shift is quite interesting; we need to keep watching.