In the world of Blockchain, the flow of funds often reflects the overall dynamics of the market. Especially those massive transfers exceeding $10 million, their proportion in the total volume is usually regarded as an important indicator of capital participation.

Long-term observations show that the average value of this ratio fluctuates around 35%. However, whenever there is significant market volatility, the presence of large funds becomes noticeably stronger. For example, in March 2024, when Bitcoin first broke through the $70,000 mark, this ratio soared to 48.9%. In August of the same year, when Bitcoin fell back to around $60,000, this ratio rose again to 46.8%.

The latest data is even more striking: On August 5, 2025, this ratio had once dropped to 38%, but with the continuous price decline, it quickly soared to 54% by August 31. This not only set a new recent high but even far exceeded the peak levels during the previous two price troughs.

This phenomenon is worth深入分析. When Bitcoin is at a high, the activity of large funds may be more due to profit-taking considerations. The sharp increase in their proportion during this decline seems more like a signal for active entry. Combined with recent on-chain data showing that the group holding 100 to 1000 Bitcoin has been continuously increasing their holdings, we can infer that some large funds are taking advantage of this pullback opportunity to gradually establish or increase their positions.

This behavior pattern suggests that although the market may still face volatility in the short term, long-term investors' confidence in Bitcoin has not wavered. They may believe that the current price level offers a good entry opportunity, expecting that there is still upside potential in the future market.

However, we should also note that the behavior of large capital does not always indicate an immediate rebound in the market. It more reflects the long-term strategies of these investors and their judgments about market prospects. For ordinary investors, this data can serve as a reference, but when making investment decisions, it is still necessary to comprehensively consider various factors and act cautiously based on one's own risk tolerance.