The changes in the 持仓 structure of large holders, or "whales," in the cryptocurrency market, beyond just large - scale transfers, can have a long - term impact on market prices. If whales start to diversify their holdings by selling some of their Bitcoin and buying other cryptocurrencies, it can shift market demand and influence the relative prices of different coins. Conversely, if they concentrate their holdings in Bitcoin, it may increase Bitcoin's price. Their long - term investment strategies, such as holding for the long term or gradually accumulating, can also set market trends and influence the behavior of other investors.