#比特币对比代币化黄金 recently went through the past 12 hours of large on-chain transaction data, and some interesting phenomena have emerged.

Buy orders totaled 6.89 million USDT, while sell orders were only 2.48 million, with a net inflow of 4.4 million—what does this number indicate? The buy/sell ratio soared to 2.77:1. This doesn’t look like any kind of mysterious manipulation; it actually seems like someone is openly competing for positions. The 1.63 million trade at 17:02 this afternoon directly pushed $BTC to 92,000, making intentions obvious with substantial capital.

Whenever a doji appears on the 1-hour chart, some claim it’s the top, but retail sentiment is often just noise. The real focus should be on which side the big money is backing. EMA24 and EMA52 are still in a bullish alignment and haven’t broken down, with clear signs of large inflows continuing—these fluctuations are just shaking out weak hands.

A month ago, I mentioned in discussions that the April downturn was an accumulation phase, and now on-chain data confirms this view. Some are still waiting for a lower pullback, but the main players have already locked in their positions. The data is right here, so the analysis should have a clear stance.

$ETH’s trend logic is the same. Last month, I used this methodology to guide students to hold onto their BTC positions, staying in from 88,000 to 93,000 and profiting 120,000 USDT. He said he used to get scared out by doji patterns, but now he understands how the big players use volatility to shake out retail investors.

The profit logic in the crypto world is actually very straightforward—follow the money, not the sentiment. Learning to read the on-chain buy/sell ratio, capital flows, and technical alignment can save you a lot of trouble. This bull run is far from over.