$ETH $ETH #加密市场回调 The on-chain data reveals an important signal: Recently, new whales entering the market have been quietly conveying information through their holding situations. Looking at the on-chain data from the 19th, the average holding cost of these new whales over the past six months has risen to $107,900, and this cost is still increasing, although the rate of increase has slowed recently.

Historical data shows a pattern: in the past, Bitcoin's price occasionally dipped below the average cost line of these whales, and such situations were short-lived. Each time it dipped below, it turned out to be a good opportunity for medium to long-term entry.

However, the market seems a bit abnormal now; emotions and liquidity are not in sync. Combined with previous BTC net position trading volume and these sentiment indicators, the market sentiment has dropped to a freezing point. Many people are scared by the short-term decline, worrying that the bull market may be ending, and are rushing to sell their coins. Yet, at this moment of panic, the Bitcoin price around $110,000 seems quite attractive to these new whales—on-chain data clearly shows that they are not only holding but are also buying more and more.

This reminds us: during short-term sharp declines or after a consolidation followed by another dip, people can easily be led astray by panic, taking short-term risks too seriously. Of course, it is certainly correct to pay attention to risk management in the short term, but it is more important not to let emotions overshadow the bigger direction. From the ongoing buying rhythm of these whales, the core of the market now is the short-term panic selling versus the long-term capital quietly buying, and the fundamental bullish trend has not changed due to short-term fluctuations.