Since mid-2025, on-chain metrics have signaled a record influx of new whales entering $BTC. The dynamic is clear: vintage wallets are selling to lock in profits, but that supply is being immediately absorbed by new whales. This structure suggests we are witnessing a massive redistribution of Bitcoin rather than a systemic exit. The coins are simply changing hands from early cycle winners to new capital. The current bearish sentiment serves as the perfect liquidity environment for this transfer. The gap between "Bitcoin is a scam" and "We are so back" is usually just a few 10% green candles. While the crowd panics over the dip, the order books are being quietly filled.