Recently, I looked at on-chain data and found a rather subtle phenomenon.

Everyone has been saying that the market is dangerous, "the bear market has arrived," but over the past 30 days:

1-10 wallets with address $BTC have seen a net increase of 7,425 coins;

Retail investors holding less than 1 coin, on the contrary, bought 19,556 coins.

On the surface, the sentiment is one of panic, loudly voiced, but the funds are slowly entering the market.

Moreover, this time is different from the past: previously, retail investors chased prices up and down, but now they are starting to accumulate coins at lower levels.

Perhaps this indicates a problem: retail investors who have gone through several cycles are no longer simply "chives" being harvested; they are slowly turning into "patient holders."

In other words, the market is evolving, and the players are upgrading.

However, when the next major drop occurs—will they be able to hold on, or will they be thrown back into panic?