What are the big whales doing today? Based on the structure of the public market, it looks more like they’re first keeping watch over BTC: BTC’s market share is about 58.8%, while the total market cap for the whole market has fallen by roughly 2.4% over the past 24 hours. This doesn’t mean all whales are buying, but it suggests the capital hasn’t clearly rushed into altcoins across the board. If you see large transfers, don’t rush to shout “dumping.” First, distinguish whether it’s exchange rebalancing, custody migration, or an actual net inflow. #WhaleWatch