Bitcoin just broke below the 70k level, and panic sentiment is rising again.

This afternoon I said I would dig deep into where the funds that the 18th ETF pulled out actually went. Now, combined with the 4-hour chart, let's completely expose the whales' cards!

I've tracked the on-chain anomalies and exchange wallet balances over the past two days, and the conclusion is very clear: the funds that Wall Street used to dump and cash out haven't actually left the market at all!

The vast majority of this money has been converted into USDT and USDC, quietly sitting in off-market accounts. This is an extremely typical "high-level distribution and off-market idle" strategy.

What is the whale waiting for? Waiting for retail investors to despair, waiting for leveraged longs to liquidate, waiting for cheaper bloodied chips!

Look at the chart! Currently, the 4-hour level has just retraced to the area near the core uptrend line (blue line in the chart) from the 62k rise.

If it holds here, it's the starting gun for off-market funds to re-enter the market—wash and continue the rally. Otherwise, once it breaks down on volume, this batch of off-market funds will patiently wait for the market to go to around 66k or even 63k to hunt for liquidity before they make a move.

Remember, the monthly line already has 5 consecutive red candles, enough decline, and the 60k support is very strong. A rebound is needed here. When it drops, waiting for indicators to stabilize is a great opportunity to buy the dip!