#比特币市场分析 After reviewing this on-chain data analysis report, I believe that the current Bitcoin market indeed exhibits typical characteristics of the late cycle. The divergence between large holders slowing their accumulation and small wallets accelerating their buying often signals that the market structure is in a delicate period. The sharp decline this morning is likely a liquidity and position adjustment rather than a fundamental trend reversal.

It is worth noting that the surge in short-term holder losses reflects a reset in market sentiment. Meanwhile, data on exchange platform balances and stablecoin inflows indicate that there is still some purchasing power in the market, but potential selling pressure should not be ignored.

Overall, I recommend investors remain cautious and closely monitor changes in the behavior of large on-chain holders and capital flows. In the short term, the market may continue to fluctuate and adjust, but as long as there are no clear signs of trend reversal, a moderate level of optimism can still be maintained in the medium to long term. The key is to control positions well and implement proper risk management.