Although Bitcoin is still declining, public holdings are ongoing From the latest data on the distribution of Bitcoin: native holdings, it can be seen that the holdings of high net worth investors and small-scale investors are both increasing. Although some high net worth investors do have an increase in exchange stock, small-scale investors can clearly see that they are still continuing to buy despite price declines. This indicates that even though the price of Bitcoin is currently falling, most investors still have expectations for the future of BTC, especially as the holdings of small-scale investors increase, indicating that some funds are closer to the behavior of ordinary investors. From the graph, it can be seen that small-scale investors with holdings of less than 10 Bitcoin have shown a significant rebound in their holdings after the price has fallen. This indicates that many retail investors have not left the market during the decline, but are seeing the price drop as an opportunity to continue accumulating BTC. This is also the reason why I said that the nationwide holding is currently underway. At present, the market appears weak on the surface, and BTC has not regained strength after falling from its high level. However, the on chain position structure is actually improving. Large funds are increasing, small funds are also increasing, and long-term holders are also increasing. However, short-term exchange stocks are also increasing, so prices are temporarily suppressed by selling pressure and risk aversion. The core reason for this phenomenon, as mentioned earlier, is that short-term funds focus on the US Iran conflict, US dollar liquidity, US stock risk appetite, and macro uncertainty. Therefore, once the price rebounds weakly, a portion of BTC will be transferred to exchanges for sale or hedging. Long term funds focus on the scarcity of Bitcoin supply, continuous absorption by ETFs, institutional allocation, and future liquidity cycles, so the lower the price, the more willing they are to gradually increase their holdings. Bitget is here, VIP! Crypto、 US shares CFD， Global Advantage One Stop Layout