Want to understand this recent market trend? Look at the on-chain data and you'll get it.

On January 1st, even before the price fully started to rise, whale addresses had a net inflow of 13,484 BTC. What does this magnitude mean? It’s the highest single-day net inflow in the past two months. The last time similar activity occurred was on December 21st, when the net inflow was 10,969 BTC, which directly pushed the price up by over 3,000 points. Although the increase doesn’t seem outrageous, the subsequent half-month of consolidation clearly shows what the main players are doing.

By the first day of this year, large funds started to make their moves openly. They are telling us with real actions — “We are building a bottom here, buying like crazy at the bottom. Do you dare to follow?”

So this isn’t post-hoc reasoning. My logic has always been simple: buy big on big dips, buy small on small dips. Right now, it’s a clear bottom-building process. Even if a sharp decline occurs later, it’s just an opportunity for those who haven’t entered the market yet — although most people are probably panicking at this moment.

The key question is: can this net inflow of over 10,000 BTC from whale addresses push the price directly to a new high? For example, break through the previous level of 94,500? My answer is that the probability is quite high. So if there’s a pullback during this process, stay calm — it’s likely just a shakeout and a washout.

When a real drop happens, I will be straightforward. Just keep paying attention to relevant analyses.