From the perspective of Whale Holdings, has the current round reached its peak?

The driving force behind BTC prices has nothing to do with retail investors; it is driven by whales or institutions. Since 2018, the peaks of the two bull markets have had the same characteristics:
1. As it approaches the peak, there is a significant reduction in the Whale Holdings.
2. During the period of reducing positions, favorable news will be released, creating FOMO among retail investors, and the price will still have a period of increase, in conjunction with the whales reducing their holdings.
Let's take a look at this data chart, which shows on-chain addresses holding between 1k to 10k BTC. It displays the total amount of BTC they hold, along with the changes in price, reflecting the changes in holdings of Whale addresses.
In the recent two bull markets, namely 2018 and 2022, both four-year cycles exhibit the same situation, where whales begin to significantly reduce their holdings, accompanied by a phase of price increase, reaching a peak. Without exception, this is achieved by releasing favorable news to create FOMO sentiment, attracting retail investors to chase the highs and complete profit-taking.
Important!!!
At this stage, there has not been a large-scale reduction in whale addresses; instead, they are continuously buying, and the total amount of BTC held is still increasing. Why are we panicking?
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