Did you notice that Bitcoin shot up to $74,000 last week and now hovers back below $71,500? That’s no coincidence. The big whales played the exact same game: they bought aggressively when everyone panicked during the Iran crisis, and once the price recovered, they sold off their positions en masse. Classic move.

Meanwhile, the smaller retail investors are doing the opposite. Every time Bitcoin drops below $70,000, they buy in. Santiment calls this a warning sign—and they’re right. This pattern indicates that the correction is far from over. The whales profit from the panic, retail follows the rally, and then the circus begins again.

The worst part? About 43% of all Bitcoin is currently in loss. That means with every attempt to go higher, there’s a wall of sellers wanting to dump their positions at break-even. That’s exactly what happened at $74,000. The Fear and Greed Index is at 12—extreme fear. So where is this headed? Either the whales are right and we test the $60,000 support, or retail money wins and we see a real breakout. The coming weeks will be crucial for the whole picture.