Analysis: The big dump should not be seen as the starting point of a Bear Market, as the Whale group continues to increase their holdings by "buying more as prices fall."

On October 13, on-chain data analyst Murphy stated that during the decline from October 6 to 11, the Bitcoin whale group continued to increase their holdings, showing a clear "buy the dip" mentality. Although there was a rapid fall on October 11, the psychological impact on large holders was far less than the two macro events in April this year and August last year. With the continuous influx of large capital, the BTC market as a whole has become more mature, and its response to sudden events is no longer blind panic or collective stampede. During the recent rapid decline, the speed of capital outflow has also been more moderate than in previous instances, resulting in a small-scale "bullish divergence" in the "price and capital increment gradient" indicator. The difference in long and short trading volume of Perptual Futures has returned to the 90-day median, and the sentiment of the most sensitive speculative group is returning to neutrality. Compared to the extreme anxiety when BTC first pulled back to $108,000 at the end of August, the market now appears more balanced. Analysts do not believe that this is the beginning of a major cycle turning from bull to bear, as the foundation of the bull run has not changed. The current biggest uncertainty in the market is Trump, whose changing policies may trigger short-term fluctuations. However, it is certain that similar "black swan" impacts on BTC will become smaller, and the market is gradually becoming desensitized. This analysis is for educational and communication purposes only and should not be taken as investment advice.