Recently, the market fluctuations are indeed intriguing. On the surface, the market seems volatile, but a closer analysis reveals that this isn't a true crash—rather, it looks like the main players are engaging in a psychological game.

When the price approaches the 89,000 level, don't rush to buy high. It's normal for the price to dip further; levels of 87,000 or even lower are possible. But from a long-term perspective, this is a rare opportunity to enter at a low price this year. The key is whether you can exercise patience.

**What the Institutional Moves Tell Us**

The most interesting detail is BlackRock's Bitcoin ETF. Although this fund's recent book gains are negative, capital continues to flow in, and it has even ranked in the top six. Think about it from another angle: a company that is clearly losing money, yet big players are lining up to pour money in—what's the logic? The answer is simple—they are looking at long-term returns; short-term fluctuations are not a concern.

The ETF's negative returns are mostly due to entering positions at high points. But the continuous inflow of funds is the real signal: institutions are quietly accumulating. Similar tactics can be seen with other large coin-holding companies, which continue to buy more even as prices fall. So, that negative return figure is actually like a smokescreen, fooling retail investors who tend to follow the trend.

**What On-Chain Data Silence Means**

The whales transferring coins to exchanges have been unusually quiet recently, with the volume transferred to exchanges hitting a multi-year low. What does this mean? Major holders are reluctant to sell. Miners are also not panicking; despite the price decline, there’s no sign of large-scale dumping. Compared to the panic selling pressure seen in past bear markets, today’s market exhibits two very different temperaments.

This clearly shows: the market is not lacking confidence; it’s just waiting for a true catalyst.