Recently, the market has kept many people awake at night. Bitcoin has been oscillating around the $91,000 mark, with each dip triggering a wave of panic selling. But interestingly, while retail investors are collectively cutting losses, another voice has quietly emerged in the market—large on-chain funds are positioning themselves contrarily.

Speaking of which, there are some special participants in the crypto space whose account histories read like a complete market chronicle. The main character in this recent anomaly is such a participant: rooted in the Bitcoin ecosystem since 2013, every time the market plunges into extreme pessimism, their large transactions appear on the chain. These are not impulsive trades by speculators, but well-thought-out capital deployments. According to on-chain data, the success rate of such addresses' operations is astonishing, making them a barometer for bear market sentiment.

This time’s move is particularly noteworthy. Over the past few hours, this long-dormant, ancient wallet suddenly woke up, issuing multiple large transactions in succession. With amounts of $10.14 million and $5.13 million, it seems to be pouring into the market without hesitation. The result? It accumulated a total of 6,917 BTC. At the current price of $91,439, the total assets of this wallet directly reach approximately $632.45 million.

The timing is especially worth noting. This wave of buying coincides precisely with the most intense market panic, when retail stop-loss orders are still being executed continuously, yet the wallet has already secured its chips steadily. This isn’t insider trading; all data is on the chain, accessible for anyone to verify. The only difference is that most people cannot interpret the meaning behind this data.

This brings us back to a core question: how should ordinary investors interpret this kind of large-scale capital deployment? Should they follow suit? First, it’s important to understand that the holders of such ancient wallets usually have a long-term investment perspective. They don’t panic over short-term price fluctuations; instead, they think contrarily during extreme emotions. Bitcoin has been around since 2013, experiencing countless moments declared dead, each time bottoming out amid extreme panic.

Of course, this doesn’t mean blindly following will lead to profits. Market conditions, individual risk tolerance, and the certainty of holding periods are all decisive factors. But one thing is clear: when all participants are fleeing, the real opportunity often lies right in front of you. The question is, do you have the courage to see it?