Bitcoin experienced a significant price drop of approximately $40,000 from its recent peak, falling around 32% to roughly $84,000. Analysis suggests this selloff was primarily driven by large investors, termed 'new whales,' who bought near the all-time high and panic-sold as prices declined. While these new whales have largely stopped selling, indicating potential stabilization, long-term holders have remained steady. The selling pressure appears to have eased, with realized losses among new whales flattening.