#数字资产市场洞察 Recently, I came across an interesting viewpoint—some analysts are short-term bearish on Bitcoin, arguing that the crypto market is too closely linked to tech stocks, and that the power bottleneck in the AI industry could drag down asset performance. It sounds somewhat reasonable at first glance, but a deeper dive into on-chain data reveals a more complex situation.

First, let's talk about the actions of large holders. Over the past period, addresses holding significant amounts of coins have been steadily increasing, and their holdings are actually rising. This indicates that institutions and big funds are accumulating on dips. If a decline were truly imminent, smart money wouldn't be doing this. Threats from quantum computing? That is indeed a risk, but it's not imminent—technological breakthroughs would still take at least five years. Reacting to this as if a margin call is imminent is a bit of an overreaction.

Next, regarding liquidity. Some mention a major stablecoin issuer sweeping gold, which is worth noting. But from on-chain tracking, the inflow of stablecoins into exchanges is increasing, indicating that hot money hasn't fled the market but is reallocating. The Federal Reserve's "money printer" needs to be active to stabilize liquidity? I agree with that, but given that a rate cut cycle might begin next year, the impact on asset prices could actually be positive.

At this current point, I lean towards expecting short-term volatility. There is support at the bottom, so there's no need to be overly pessimistic. The long-term outlook remains unchanged—still bullish. The assessments from 2023 to now have been accurate, and this time should be no different. $BTC The key is to hold on and not be scared off by short-term fluctuations.