According to CoinMeta, as whales start selling, the price of Bitcoin faces a familiar trap. Analyst Yash points out that although major institutions and market participants are optimistic about Bitcoin's prospects, retail BTC holdings have declined, while holders with 100–1,000 BTC and 1,000–10,000 BTC of BTC show signs of reaccumulating. Meanwhile, whale investors holding 10,000–100,000 BTC of BTC saw a sharp decline in their holdings after reaching a peak on August 21, indicating that the largest holders are distributing their assets on a large scale as optimism grows. The market may be forming a less comfortable situation; if demand exceeds supply, prices could still rise, but if the largest holders continue to distribute, the current optimism could turn into another liquidity event.