Recently, several on-chain data points strongly indicate the current situation.

First, the Bitcoin balances on exchanges have fallen to the lowest levels since 2018. What does this mean? A large amount of chips are flowing from exchanges into cold wallets. Once the price starts to rise, these locked Bitcoins will be immobile, and market supply will be extremely tight.

Looking at the movements of the whales is even more interesting. Large holders with 1000 to 10000 BTC have recently reached a cumulative indicator close to historical highs. In other words, big funds are aggressively accumulating in the $80,000 range. Every time retail investors panic and sell off their chips, these whales silently absorb them. This is what is called "bloodied chips" — cheap goods.

Finally, let's look at the purchasing power of stablecoins. The total market cap of stablecoins led by USDT and USDC has surpassed $300 billion. This money is like a pile of dry wood just sitting there. Once market sentiment shifts, these ammunition could be unleashed at any moment, directly pushing the price to new highs. The key now is to wait for that moment when confidence begins to recover.