Damn it, not again?! At 11 PM Beijing time on October 23rd, 7,275 BTC were transferred to Coinbase, still classified as Short-Term Holders (STH). This is the second-largest transfer in one hour in the past six months, second only to the transaction on the evening of October 20th. A total of 13,286 BTC were transferred to Coinbase throughout the day on the 23rd, of which 4,813 were profitable tokens and 8,472 were losing tokens. Compared to October 20th, this time there were more losing tokens. This indicates that the pessimistic sentiment of US investors towards risky assets is slowly spreading from US stocks to crypto. Fortunately, the total amount is smaller than last time, resulting in less relative pressure. However, this does not change my judgment that the current major cycle has entered a "bear-to-bull transition period." Under this premise, I believe that the gradual clearing out of "swing traders" who are sensitive to short-term prices, allowing for sufficient turnover of tokens, is more conducive to the future development of BTC. Behind every panic sell-off lies the ideal striking zone for large-scale trend traders! This time, we can't be careless... Short-term focus is crucial, but long-term caution is still advised.