$BASED From a funding perspective, BASED has recently shown clear signs of incremental inflows, with on-chain active addresses and the frequency of large transfers both increasing simultaneously, indicating that new capital is continuously entering the market. At the same time, net outflows from exchanges have increased, and chips are being concentrated onto the chain or into long-term addresses, weakening short-term selling pressure. Coupled with a moderate increase in trading volume but no significant price correction, this forms a typical "capital first, price lags" structure. Overall, the capital trend is bullish, with momentum to continue testing higher levels.