The BTC Accumulation Trend Score (ATS) provides an effective reference for measuring on chain "accumulation behavior" by evaluating the relative balance changes of different wallet groups and assigning higher weights to large entities. When ATS approaches 1 (black dot), it indicates that large entities tend to accumulate more. Since February 5th, the ATS score has remained below 0.5, indicating an overall lack of positive cumulative behavior among holders. (Figure 1- BTC Cumulative Trend Score) Especially during the rebound from March 1st to 4th, ATS continued to decline to 0.23 (light yellow point); This means that large holders are taking advantage of the BTC price rebound to start distributing again. At the same time, we also saw that on January 14th, short-term holders transferred a total of 20477 BTC to the exchange for profit taking (more than on January 14th, 2026.14), reflecting STH's lack of confidence in the current market. (Figure 2-BTC quantity transferred from STH to the exchange) On the contrary, the representative of traditional capital, the "spot ETF", played a key role at this time, as the continuous net inflow from February 24th to March 4th absorbed some of the supply, creating conditions for a rebound (we will analyze the specific details of ETFs in detail tomorrow). There is a strong divergence of funds in the current market, with some not optimistic about selling and others optimistic about buying. The power struggle between long and short sides will inevitably lead to another winner, and for us retail investors, we can only watch the battle and make our next plans after the situation becomes clear.