Data: 10.11 Whales maintain accumulation against the trend during the flash crash, investors remain confident in $110,000 BTC

ChainCatcher news, on-chain data analyst Murphy compared the crash on October 11 with the previous Luna collapse that led into a deep bear market. The external factors that turned the last cycle from bull to bear included the Federal Reserve's shift from an accommodative to a tightening monetary policy, while the internal factor was the Luna collapse in May 2022, which directly destroyed market confidence and became the trigger for BTC to fully enter a bear market.

During the Luna collapse from May 10 to May 11, 2022, Binance's BTC balance saw explosive growth, peaking at an average inflow of 48,595 BTC over seven days on May 10, while the price continued to decline. This panic selling behavior, regardless of cost, reflected that investor confidence was nearly shattered. In contrast, during the crash on October 11, no large inflows to Binance were observed; instead, the seven-day average maintained an outflow of 5,338 BTC. Under the impact of the sudden event, non-ETF over-the-counter demand did not decrease, and investors still maintained confidence in BTC around $110,000.

On May 10, 2022, among all large BTC transfers, whales with single transactions exceeding $10 million transferred a total of $980 million into Binance. In the October 11 crash, whales with single transactions over $10 million withdrew a total of $380 million from Binance. Even in this crash, where theoretical losses far exceeded those of ordinary retail investors, large holders still chose to continue accumulating BTC rather than cutting losses and exiting.