#数字资产市场动态 On-chain funds are experiencing a subtle shift, a signal that is easy to overlook but crucial for the subsequent market trend.

**Reversal of Long-Term Bitcoin Holders’ Attitude**

Veteran holders with a holding period of over 155 days, after a sustained sell-off throughout the second half of the year, have finally hit the brakes. From July to December, their holdings decreased from 14.8 million to 14.3 million coins, but recently, their selling pressure has noticeably diminished. The logic behind this is straightforward—those who can endure half a year are now choosing to hold rather than continue to sell off.

From the market perspective, the short-term positive signals are clear. Once selling pressure eases, it becomes easier for BTC to form a "buffer zone" below, creating conditions for a rebound. This is more like a necessary stage before a market recovery. However, it’s important to clarify that long-term holders not selling only indicates that "selling pressure from above has eased," not that a rapid surge is imminent. This is a prerequisite for a rebound, not the trigger point.

**Ethereum Whales Quietly Accumulating**

The recent week’s on-chain ETH activity is even more worth analyzing. Whales holding over 1,000 ETH have been steadily increasing their positions, adding a total of 120,000 ETH. More importantly, these top addresses now control nearly 70% of the total supply, and this ratio is still gradually rising.

What does this imply? Simply put, the chips are concentrating among patient and financially capable accounts. Large holders are quietly accumulating, which is a positive signal from the market sentiment—indicating real capital is believing in a bottom. If combined with BTC’s stable performance, it could mean ETH’s price is undervalued.

But we must also see the other side of the coin. Excessive concentration of chips amplifies the risk of short-term volatility. Retail investors chasing the market at this point could easily become liquidity providers. Large buy orders from big players are not necessarily at market bottoms; sometimes they are preparing for subsequent volatility.

**Real Layout Is Happening, Just Very Quiet**

Overall, the current market state is neither the frantic start of a bull run nor the despair of a bottoming out—it’s a delicate phase between the two. Smart money is strategically positioning, while emotional capital remains hesitant and watchful.

History often shows us that the start of a major move isn’t during the most heated discussions, but when sellers truly can’t sell anymore and buyers start quietly increasing. That’s exactly what’s happening behind the scenes now—just no one is shouting "launch." The next chapter depends on whether this quiet positioning can hold until the next market sentiment shift.