Today, this heatmap image is being shared a lot on X. I used to often analyze on-chain $BTC and see this as a long-term buy/sell indicator.
However, if we compare from the end of 2024, when the whales are buying in (green) and from January to April 2025 when the whales are selling out (red)
=> clearly, they are buying at the peak and selling at the bottom. So looking at this chart, I feel it's "just okay" and I can't completely fomo into it 🤣
Both ultra-large holders (>10K $BTC) and retail investors (<1 $BTC) have, on average, accumulated over the past 15 days. This suggests initial dip-buying during the recent correction. However, the signal is lagging, reflecting smoothed behavior over a 15-day window.
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