There is a phenomenon in the Bitcoin circle worth paying attention to: those large holders (known as "whales" in the industry) who haven't moved their Bitcoin for over 5 years have recently been less eager to sell.

Before this bull market, they were constantly dumping. The circulation of old coins was much higher than in the previous bull cycle, and the timing was perfect—just coinciding with the window of institutional and large capital inflows, earning them huge profits. But now, things are different.

Data speaks: in the past 90 days, the daily outflow of old coins (STXO) has dropped from a peak of 2,300 Bitcoins to around 1,000. Selling pressure has clearly eased, and these big holders have shifted from "panic selling" to "holding tight."

Why is this happening? It’s actually a very interesting social phenomenon behind it.

Open a major social platform, and during a bullish market, the screen is full of positive signals. Media, KOLs, ordinary users—everywhere sharing and amplifying bullish voices. Negative news seems to have vanished into thin air. But this isn’t because negative news has truly disappeared; it’s because it has been intentionally or unintentionally filtered out.

This is called the "echo chamber effect" combined with "confirmation bias" in psychology. Simply put: everyone shares and likes each other’s posts, only hearing the voices they want to hear, and risk signals are drowned out amid the popularity. Humans tend to believe messages that support their holdings and ignore risks. During a bull market, FOMO (Fear of Missing Out) dominates, and platform algorithms also amplify this effect. The result is that good news floods the space, while bad news seems to vanish as if it doesn’t exist.

Conversely, in a bear market, it’s all FUD—fear, uncertainty, and doubt—spreading everywhere.

This isn’t some conspiracy or dark plot; it’s a natural result of human nature, algorithms, and social media working together. When prices rise, the risks are indeed still there, but they are collectively "blindly ignored."

So, the key reminder: don’t get carried away by the hype. The easiest trap to fall into when the market is rising is precisely at this moment, and that’s when you need to stay alert. The heat of the bull market and the selling pressure data both tell us that staying clear-headed is more valuable than following the crowd.