#加密市场回调#

Stop shouting "crash": On-chain data tells you that the main players haven't run away.

What has dropped is the price, but what has not dropped is the chip structure.

The "crash theory" of the market is rampant, but on-chain data reveals a neglected truth: core holders have not fled. The data shows that the recent price drop has not been accompanied by a significant decrease in the number of active addresses; instead, it indicates that some "cold wallets" continue to increase their holdings. Additionally, the SOPR (Spent Output Profit Ratio) for long-term holders has returned to below 1, suggesting that they are not panic selling. In other words, the market is undergoing a healthy correction, rather than a complete collapse. Similar downward movements have occurred in past cycles, and true peaks are often accompanied by on-chain activity and capital inflows reaching their highs. Currently, these indicators remain in a neutral to low state, suggesting potential for upward movement after the adjustment. Investors should discard emotional judgments and rely more on data-driven decision-making.