Crazy how quickly things went downhill last week. Bitcoin experienced one of those classic weekend crashes, and suddenly it was clear: the entire hype of recent times is sitting on pretty shaky legs. Many are now talking about the big whales – how long can these whales stay underwater if this continues?

The interesting thing is that the whales apparently aren't just panicking and selling. They hold on while smaller traders exit. The question is more: how long can the whales sustain this position if the downward pressure continues? That’s really the game – who has the longer nerves and deeper pockets.

The crash has at least shown one thing: this rally was built faster than expected. Whether the whales now just wait and buy at lower prices or if they also start to wobble – we will see soon.