Willy Woo: The Bitcoin bear market originated from the massive sell-off of Bitcoin by early whales.
well-known analyst Willy Woo commented on the event of "Jane Street Group frequently selling large amounts of Bitcoin and related ETF shares every day at 10 AM when the US stock market opens starting from November 2025," stating that the essence of the Bitcoin bear market is that early large whales sell off Bitcoin in volumes far exceeding the amount of new funds entering. This is clearly visible on the blockchain.
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