This wave of market activity is indeed quite intense. Recently, on-chain large transaction signals have noticeably increased, and many traders are starting to get restless, with more voices advocating for spot positioning.

To put it simply, it feels like the overall landscape hasn't been fully settled yet—everyone has a chance, but no one dares to make firm promises. Many veteran players are actually switching to spot strategies this time, which hasn't been very common before.

From the perspective of on-chain activity, large transactions have been quite frequent recently, whether from institutions or retail investors, all quietly positioning themselves. Some are testing the waters, some are adding to their positions, and others are waiting for better opportunities. Market sentiment is clearly warming up, and this atmosphere is quite interesting.

Of course, opportunities often come with risks. The current uncertainty still exists, and no one can predict exactly how things will unfold next. But this market vitality and high participation level are definitely signals worth paying attention to for traders. You can feel this heat just by looking at the spot trading volumes across various exchanges.