2026-01-09 21:43:42

Looking back at this wave of the market, the increase was far beyond expectations. A detailed breakdown reveals that very few participants were involved at the bottom—during that period, it was almost impossible to see small retail investors moving with just a few points, let alone a single address holding more than 2% at the 1M price level.

Chip analysis is quite interesting. Most of the leading traders and funds only entered after 1.5M, following the trend during the chase phase. In contrast, those who held onto their bottom chips mostly continued to stand firm, showing no signs of dumping. This indicates that early entrants were highly confident, while the later-in funds, although large in volume, were relatively less stable. From a trading perspective, the difference in the dispersion of bottom chips and the pace of capital inflow are the key supports that enabled this round of market to develop.

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liquidation_watcher

· 01-09 22:13

The people at the bottom are really calm, they haven't moved their chips yet, their confidence is absolute. On the other hand, the later followers, although they have larger volumes, have a more average mindset.

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MysteriousZhang

· 01-09 22:13

The chips at the bottom are so dispersed that early entrants actually didn't sell off... There's some logic to this, it feels like this round is driven by differences in confidence.

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GasGuzzler

· 01-09 22:08

Few chips at the bottom and many chasing the rise, this wave is indeed a lively battle between the big players and retail investors.

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TrustMeBro

· 01-09 21:48

I have a deep understanding of the fact that there are few participants at the bottom. Back then, it was really freezing cold, and there were voices everywhere predicting a decline. Conversely, now these 1.5M who just got in are bragging every day about how sharp their eyes are, it's hilarious. The true men are those who held the position in the early days; this kind of confidence isn't something you can bluff about. With such a high degree of dispersed chips, it still managed to move forward, indicating that there is indeed a consensus there. Wait, are you saying that the later big funds are actually not that stable? How long can this round last? Building a position at the bottom is really an art; not everyone can endure it. Just looking at the data, you can tell who truly believes and who is just gambling; the holding ratio speaks for itself. Daring to buy more than 2% at 1M, what kind of mindset does this guy have? That's too aggressive. The fact that there was no dump indicates that faith is still there, which is a good sign. Although the late entrants have large volumes, they are more easily washed out; sooner or later, they will have to learn this lesson. This wave is indeed tempting, but the people at the bottom have such low costs to build their positions that it's ridiculous.

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