The article's title clearly states that the on-chain token structure reflects "the sentiment behind the behavior," and its impact on price is indirect. If you equate it directly with "price" or real-time price changes, I suggest you don't read this, as the internal friction is already too much for you to handle. The fact that the sentiment of those trapped at high prices hasn't worsened is certainly a good thing in the short term. Otherwise, if all 1.48 million trapped tokens rushed into exchanges and dumped, BTC might have lost everything overnight. However, indirect is still "indirect." The truly "direct" factors determining price are in the market! Especially in the current futures market. The fact that perpetual contract OI (coin-margined) has risen instead of falling when prices are falling indicates that the bulls haven't given up yet; and the "expected leverage ratio" has been rising continuously for a month and a half. Adding leverage during a decline accumulates risk, rather than releasing it. Therefore, the logic is that the spot market (including ETFs) is actively selling to suppress prices, while the futures market amplifies volatility, fueling the decline in the cost basis for the bulls. So, will the spot market continue to increase its selling pressure? This brings us back to whether sentiment has eased or worsened. Now do you understand why I look at the price structure, SVD, realized losses...? Consider this a free lesson for those "low-comprehension-but-overconfident" newbies in the comments section, clarifying the logic of price transmission. I'm still happy to share this publicly now, but I might not in the future.