From the perspective of capital behavior, the "smart money" has already begun to quietly act. The true market bottom has never been shouted out by retail investors but is formed through the silent accumulation of funds. On-chain data and exchange fund flows show that large addresses are significantly reducing their outflows, and some long-term investors are starting to gradually replenish spot holdings rather than using high-leverage contracts. This phenomenon typically occurs during the phase of "low certainty but increasing cost-effectiveness." Meanwhile, new capital has not entered on a large scale, indicating that the market has not yet formed a consensus on a reversal. In other words, it now resembles "smart money positioning early, while emotional funds are still on the sidelines." This also explains why the market trend seems lukewarm but can always be pulled back at critical points. Capital is using time to buy costs, rather than chasing speed with emotion.