The behavioral trend of whale populations has shifted from accumulation and hesitation in the early stages to cessation and even distribution, indicating that the main demand side of the market is exiting at a visible speed (Figure 1). When whales start accumulating chips, it may not immediately reflect in the price, but they actually absorb excess supply, which can stabilize and boost market sentiment. However, their transformation now may have a more profound impact on the market. (Figure 1) Similarly, we can see a similar situation through the AD-CDD indicator. When the data was updated on January 25th, the AD-CDD was 0.2 (see citation), but now it has fallen to 0.13 (Figure 2). The 'low demand zone' (highlighted in red) has infinitely approached the traditional bear market of the past. During this period, demand has continued to shrink and there is no sign of stabilization or rebound. (Figure 2) Therefore, from a macro trend perspective, there is still no data support that can cause BTC to reverse in the short term. For partners with low risk appetite, it is important to be cautious when buying at the bottom. But not reversing does not mean there is no rebound. If your risk tolerance is still good and you have sustained good cash flow, you can consider grabbing a rebound after an oversold signal and taking a stop loss. As for the expectations and signals of a rebound, I will update them at any time. Remember to turn on the small bell. ------------------------------------------------------- The above is only for learning exchange and not for investment advice!