To get straight to the point: This BTC pullback is not the end of the bull market, but rather a classic "high-level shakeout and redistribution."

The data from the past month has indeed been quite strange—

The price hasn't dropped to a point of despair, yet various indicators are creating an "apocalyptic atmosphere":

The Fear & Greed Index has plunged to 23, deep in the extreme fear zone; the drawdown is -32%, one of the deepest since 2021; $90.4 million in long positions liquidated in 24 hours; ETFs have seen phased capital outflows; exchanges have had a net inflow of only 145 BTC in 24 hours, showing almost zero retail buying interest.

Even more dramatic, a whale address dormant for 14 years suddenly woke up and transferred 1,000 BTC.

But if you look closely at the on-chain activity—

None of these "scary signals" match the true characteristics of a market top.

On the contrary, all signs point in the same direction: major players are using volatility to flush out weak-handed holders, while quietly redistributing tokens.

The logic behind this round of redistribution is simple:
Shift tokens from "emotional retail investors" to "capital that can withstand extreme volatility."

The risk aversion model is nearing a high-risk value of 60, and combined with extreme fear sentiment, it creates the perfect "discouragement environment." Meanwhile, old on-chain addresses are becoming active and large transfers are frequent—moves that usually indicate big money is repositioning.

In simple terms:
The price is dropping, but the structure remains; sentiment is collapsing, but the underlying logic hasn't changed.

This is the most frightening part—when every indicator in the market is telling you "it's time to run," the real opportunity may just be starting to emerge.