Can you understand the language of the market? June this year was full of drama. MicroStrategy sold coins, and various FUD claimed it was about to collapse; tensions reignited between the U.S. and Iran, causing oil prices to rebound. BTC dropped below $58k and struggled to recover, with general sentiment on X predicting it could fall to $50k or even $40k. Market sentiment was extremely pessimistic... But at that time (Figure 1 is from July 15), URPD quietly showed the formation of a cluster of tokens centered around the $62k-$63k range, with an accumulated total of approximately 1.3 million BTC. The formation of a token cluster can happen for two reasons: 1) genuine supply-demand conversion; 2) custodial wallet transfers. For example, the $83k-$84k column was due to Coinbase wallet transfers. However, $61k-$63k clearly isn’t the same case. This is the BTC market using its unique language to convey valuable information to us — large funds are entering and continuously accumulating tokens. After this, BTC did not significantly drop below this range again. Two months later (Figure 2 is from September 15), the old token cluster had not dissipated, and a new cluster quietly formed: $77k-$78k now has an accumulated total of 1.05 million BTC. So, what bearish factors are present now? Let’s take a look: Oil prices breaking $100, inflation rebounding, the Fed raising interest rates with expectations of more hikes; US10Y hitting its highest level since 2008; failure to advance clear legislation; midterm election predictions of a Democratic sweep, which could lead to concerns about tighter crypto policies... Looking at all this, it seems like nothing but bearish expectations. Yet BTC’s price behavior during each digestion of bearish news has been unusually resilient, with the lowest point so far only briefly piercing $75k — not far from the aforementioned token clusters. The above is purely factual. No implications, no guidance, no advice. This is the language of the market. If you can understand it, you’ll surely understand what I mean. If not, then saying more is pointless. Trading strategies are like a prescription for traditional medicine — everyone has their own formula, but the one writing the prescription is yourself. There’s no “best,” only what’s most suitable...