#链上数据洞察 **On-chain data insights and market forecasts (200 words)**

Recent on-chain data shows that the number of Bitcoin (BTC) whale addresses (holdings ≥ 1000 BTC) continues to increase, indicating that big funds are buying on dips. At the same time, the BTC balance on the exchange fell to a new low this year, and the selling pressure weakened, which is conducive to price stabilization and rebound. The number of active addresses on the Ethereum (ETH) chain has increased significantly, which may be related to the explosion of the Layer2 ecosystem and the growth in staking demand. It may outperform the market in the short term.

However, the growth rate of the total market value of stablecoins has slowed down, indicating that the influx of incremental funds is limited, which may limit the height of the rebound. In addition, the BTC Miner Position Index (MPI) has rebounded, and we need to be wary of miners' selling pressure. On the whole, the market is in the bottoming stage. If BTC can stabilize at the $100,000 mark, it is expected to rise to $105,000. If ETH can break through the $3,000 resistance level, the target will be $3,200. It is recommended to pay attention to large-value transfers on the chain and net inflow data of exchanges, and be wary of short-term volatility risks.