From the perspective of whale holdings, has the current round really reached its peak?

The price movement of BTC is unrelated to retail investors; it is driven by whales or institutions. Since 2018, the peaks of the two bull markets have shared the same characteristics:
1. As it approaches the high point, there is a significant reduction in holdings by whales.
2. During the reduction of holdings, positive news will be released to create FOMO among retail investors, and the price will still have a period of increase, along with the whale reducing 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 fluctuations in the holdings of Whale addresses.
In the last two bull markets, namely in 2018 and 2022, both four-year cycles have exhibited the same situation where whales start to significantly reduce their holdings. This is accompanied by a phase of price increase, reaching a peak, which invariably happens through the release of favorable news, creating a FOMO (fear of missing out) sentiment, and attracting retail investors to chase the highs, completing the profit-taking and reduction of holdings.
Important!!!
At this stage, there hasn't been a widespread reduction in whale addresses; instead, they are still continuously buying, and the total amount of BTC held is still increasing. Why are we panicking?
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