Recent geopolitical events have caused price fluctuations in the crypto market, but there is a detail worth noting—the inflow volume into Bitcoin exchanges has not shown any abnormal increase.

What does this reveal?

When the market encounters a black swan event, two phenomena usually occur: first, a large amount of chips flood into exchanges in preparation for selling; second, retail investors panic and cash out profits. But this time is different. On-chain data shows that major Bitcoin holders have chosen to remain on the sidelines. There is no concentrated selling pressure, nor are there obvious signs of panic.

Prices are moving, but chips are not. This contrast is very important.

Short-term event shocks can indeed shake prices, but what truly destroys confidence is a large-scale outflow of chips. When you see whales, funds, and miners holding steady, it indicates that their long-term outlook remains unchanged.

In other words: market sentiment is not out of control. Short-term volatility does not equal long-term belief wavering. This kind of structure is often an important confirmation signal during a bull market cycle. To understand the true direction of crypto assets, observing exchange flows is often more meaningful than looking at candlestick charts.