#比特币相对表现与市场现象 Recently, I've seen many friends discuss the decline of the BCMI indicator, and I want to share an observation. From the data, on-chain Bitcoin indicators are indeed weakening continuously. This is not just a short-term correction but a deep structural adjustment in the market. Historical cycles show that the bottoms in 2019 and 2023 both occurred when the BCMI dropped to the 0.25-0.35 range. Although we haven't reached that level yet, this trend is worth paying attention to.

Friends who have experienced several cycles should understand that during a bear market, the biggest test is not timing the bottom but maintaining the right mindset and position. Instead of guessing where the bottom is, it's better to do two things now: first, review your holdings to ensure risks are within controllable limits; second, adjust your expectations and prepare psychologically for long-term holding.

The cooling phase of the market is often accompanied by a lot of noise and panic emotions. The real test at this time is whether you have truly established a safety awareness. Stay disciplined, avoid chasing highs or bottom fishing, and let time verify value. Doing these lessons well now will help you avoid many detours later.