BTC whales bought dip at $78K, sold rally at $82K in classic shakeout

On-chain data from the past 20 days shows that Bitcoin whales have followed a classic pattern of accumulating at low prices and distributing at highs, according to an analysis by CryptoQuant contributor Woominkyu. He explained that while BTC hovered around $78,000 between May 1 and May 4, large-scale withdrawals from exchanges were observed, signaling whale accumulation. On May 4 alone, 6,590 BTC moved off exchanges. Subsequently, as Bitcoin rebounded to around $82,000 from May 5 to May 12, exchange inflows increased. The market interprets this as a typical distribution pattern where whales took profits during a period of retail investor FOMO. Selling pressure continued from May 13 to May 20. On May 18, 8,063 BTC were transferred to exchanges, and total BTC holdings on exchanges rose from 2.677 million to 2.696 million, a monthly high. Woominkyu noted that the market is now watching the $76,000 range as a key support level, and if exchange reserves continue to grow, short-term selling pressure is likely to persist.