Those who get what they need, keep it consistent! For BTC, I am optimistic in the long run, but optimism does not mean blindness. Taking into account all factors, maintaining rationality, and respecting objectivity are also my consistent principles. Whether the current market truly has the potential foundation for a bull market does not change subjectively, but rather the true emotions and confidence expressed by all market participants through their actions ..... So what is the real sentiment in the current market? Let's take a closer look at the following three sets of data together: January 14, 2026- BTC price rebounds to $97900; Long term holders (LTH) transferred 3720 BTC to the exchange; If excluding the departure of LTH during extreme market panic, this data is higher than the transfer volume of LTH to the exchange during every BTC rebound in the past year (Figure 1). (Figure 1) ❓ Question 1: At current prices, most LTHs are not losing money. Since there is still profit, why rush to leave? ----------------------------------------- Also on this day—— Short term holders (STH) transferred 15911 BTC to the exchange at a loss; This data is almost on par with the scale of panic escapes during market downturns (Figure 2). However, on this day, BTC did not fall ..... (Figure 2) ❓ Question 2: Perhaps by waiting a little longer, these short-term chips will be unlocked. Since there is no panic, why did they transfer BTC to the exchange before they could recoup their investment? ----------------------------------------- Also on this day—— Whale entity transferred 12213 BTC to the exchange; Prior to this, they only had such large-scale relocation operations in February and November of the 25th year. (Figure 3) ❓ Question 3: Why do whales choose to leave on a large scale at this stage? In the spirit of respect for objective data, the above three "soul tests" are worth our careful consideration; Because it seems somewhat abnormal at the moment. My viewpoint is not important, the key is what you see from it? Welcome to discuss together in the comment section! The above is only for learning exchange and not for investment advice! ----------------------------------------- This article is sponsored by @ bitget | Bitget VIP， Lower rates and more generous benefits