On the surface, the net buying volume has indeed been relatively low recently, but if you look at the exchange's fund balances, the wallets of long-term holders, and add in the spot ETF data, all of these are actually showing continuous inflows. This indicates that market participants are still quite optimistic about Bitcoin's long-term prospects.

The interesting part is that those large traders who used to frequently engage in short-term trading are gradually being replaced by institutions and high-net-worth investors. The current consensus is very clear—these players are all engaged in long-term holding. This structural shift, from one perspective, reflects an increasing maturity in the market.