Short-term capital outflows, long-term capital remains cautious

This round of dropping below 65,000 more resembles a result of capital structure shifts. Some short-term funds that previously drove the market are beginning to take profits, while the pace of new capital entering has slowed, leading to a temporary imbalance between buy and sell orders.
On-chain data and historical patterns show that short-term holders are more likely to loosen their positions during high volatility, while long-term holders tend to gradually increase their holdings after significant pullbacks. This process of "chips shifting from floating hands to stable hands" is often accompanied by oscillations.
Additionally, the impact of leverage cannot be ignored. When market volatility amplifies, the liquidation mechanism passively accelerates price swings, creating a chain reaction of "drop—burst—drop again." But this deleveraging process, in essence, makes the market healthier.
From a structural perspective, if the proportion of long-term holders increases, it actually lays a foundation for subsequent stability. Because the true determinant of medium-term trends is often patient capital, not quick in-and-out funds.
Therefore, instead of fixating on the price, it’s better to observe whether chips are shifting from speculative positions to strategic holdings. This provides more information than short-term price fluctuations.
Core logic:
Capital structure determines the length of the trend. #比特币跌破六万五美元