Recently, I’ve been closely watching on-chain data, and the order distribution chart from CryptoQuant once again confirms a pattern—smart money and retail investors in the market are always engaged in an invisible game.

Here are a few details worth noting:

First, within the current price retracement range, large addresses’ buy orders are continuously accumulating. The on-chain buying depth is increasing, indicating that whales are not panicking and selling off, but rather gradually accumulating. Meanwhile, retail investors are showing a clear increase in sell orders, with panic sentiment reflected in the order book. Comparing both sides is like looking into a mirror—an inverse operation.

The most interesting zone is between 65k and 68k. From the order structure, this has become a clear institutional accumulation area. Large funds have set up a solid buy barrier here.

My understanding is: this wave of volatility is essentially a liquidity cleanse. Whales are using market sentiment fluctuations to readjust their positions. When ordinary investors are panicking and selling at low prices, these big players are quietly accumulating fuel for the next rally.

From a broader perspective, recent ETF fund flows have shown signs of turning positive, and macro liquidity is gradually improving. Based on these factors, I believe that from the end of Q1 to the beginning of Q2, we should see a relatively clear upward opportunity.

A small tip: don’t let 5-minute or 15-minute candlestick fluctuations hijack your judgment. The true trend indicators are hidden in on-chain address activity. When those big players stop buying, I will be the first to give a warning. But for now, on-chain data is telling us one thing—hold onto your chips tightly.