The liquidity landscape of Bitcoin is quietly changing. The latest on-chain data shows that a group of new large holders getting on board is rewriting the market map, with the Bitcoin they bought at high prices nearing 50% of the total realized market capitalization, far exceeding the previous level of 22%.

What does this mean? Simply put, the overall cost basis of Bitcoin is being reset. When a large amount of chips are locked in at higher price levels, the market's lower support becomes stronger. Even if the price adjusts, the downside potential will be limited due to the presence of this new capital.

Interestingly, the behavior of whales has changed. Data shows that the whale group with holdings ranging from 100,000 to 10 million USD has been net buying, while small retail investors are accelerating their exit. This situation of large players accumulating and retail investors cutting losses has historically been a typical sign of the market building a temporary low.

When it comes to the value of Liquidity, it is not limited to the market itself. When resources and knowledge can flow efficiently to all corners of the globe, and when value can reach where it is needed without friction, that is true innovation. From the flow of market chips to the global dissemination of information and education, it essentially promotes a healthier ecological cycle.