$BTC dropped from $76169 to $73333 before bouncing back to $75200. With 24-hour trading volume at $8.1B, it looks like retail traders are panic-selling, but in reality, whales had a string of iceberg orders waiting to scoop up coins in the $73300–$74000 range. I noticed one signal: during those two hours of selling, net outflows from exchanges actually increased, while the number of large transfers didn't follow the price down. That suggests coins are changing hands, not leaving the market. Second observation: the sell orders above $76000 on the order book are unusually thin, but every time the price probes higher, a steady stream of 500-BTC-sized market buys immediately chews through another layer of the sell wall. Retail traders can't do that—someone is controlling the pace and accumulating. Third, the perpetual futures funding rate quietly flipped from positive 0.01% this morning to negative. Long leverage has mostly been flushed out, giving whales the perfect opportunity to quietly build positions in the spot market. At this level, retail traders see a slow bleed; I see coins moving from weak hands to strong hands. Just watch—the flimsy resistance at $76000 won't hold for long. See you in the comments��