Observing the market sentiment over the past few days, a particularly obvious shift has occurred:

The previous routine was —

Buy when whales are accumulating, sell when retail investors are FOMOing.

But this logic is no longer very applicable.

In this cycle,

It's not whales cutting retail investors,

but old whales transferring coins to a new generation of long-term players —

Many are institutions, funds, and publicly listed companies.

They are not here to chase short-term gains; they are here for 5 or 10 years.

The most intuitive signals:

🔹

CDD indicator skyrocketing, large amounts of old coins moving

🔹

ETFs continue to aggressively accumulate

🔹

More and more publicly listed companies are announcing their BTC reserves

What does this mean?

📌

The market is increasingly dominated by long-term capital

📌

The rhythm of short-term traders is disrupted

📌

Long-term holders are starting to gain pricing power

The real strength of a bull market lies not in heat, but in structural changes.

Under the new rules, past experiences may not be reliable.

But having the courage to correct one's views,

in the crypto market, may be even rarer than being correct in predictions.