Are you feeling a bit of "aesthetic fatigue" recently while monitoring the market? There’s not much momentum on either the buying or selling side, and the market data fluctuations seem almost nonexistent. This isn't just your perception. The real situation might be even more concerning—on-chain funds for Bitcoin have already started to slow down.

Having been in this circle for so many years, I want to thoroughly discuss a core phenomenon I've recently observed. Let me throw this out there first: don't hold out hope for an immediate V-shaped rebound in the market; the reality may be a bit harsh—we likely need to enter a "patience waiting" period, as the reconstruction of market sentiment won't turn around in just three to five months.

What is the most critical signal? The on-chain capital inflow of Bitcoin is clearly slowing down. This concept may be a bit difficult for some friends to understand, so let's explain it from another perspective: the "real money" that continuously flows into the market is entering at a slower pace. Looking back over the past two and a half years, the realized price of Bitcoin (which is essentially the average cost of real transactions in the market) has been steadily rising, and the supporting force behind this is the continuous influx of funds.

However, the situation has completely reversed this month. The realized price has directly "flattened out", neither rising nor falling, as if frozen. I personally believe this is definitely not a coincidence. Capital is the lifeblood of the market; when the flow of this lifeblood slows down, the market's activity naturally declines. You see, there are still quite a few people waiting for that "turning point", hoping for a big rebound. To be honest, this mindset needs to be adjusted. Market recovery has never been an overnight affair, especially in the stage where the market sentiment is not yet fully stabilized.

What is the most realistic attitude at this stage? Less impatience, more patience.