#美国非农就业数据未达市场预期 【Veteran players are moving chips, the subtle market signals are here】

Recently on-chain, a detail that is easy to overlook has emerged:

BTC holdings with a 18-month to 2-year cycle, the mid-term chips, are showing a clear acceleration in liquidity. It looks calm on the surface, but in reality, energy is being released.

Who these players are is crucial. They are not short-term funds chasing quick gains or panic selling, but seasoned veterans who have endured entire market cycles and have a deep understanding of market rhythm. Because they are "cold-blooded," every move they make deserves attention.

From an on-chain structural perspective, this is not panic selling. It resembles a carefully planned position adjustment—either taking some profits after a series of continuous rises or reducing risk exposure in advance to prepare for potential upcoming volatility.

Extending the timeline, such phenomena rarely appear "randomly." They usually occur at a specific moment: the trend is still ongoing, the narrative hasn't broken, but the grasp of the subsequent direction begins to fade. Prices may still push higher, the story can continue, but from the supply side, the wind has quietly shifted.

I've repeatedly seen this pattern in past cycles. When long-dormant chips start to move frequently, the market enters a fragile phase—extremely sensitive to sell-offs, news, and sentiment, where even a slight disturbance can trigger intense volatility.

So, to conclude: this is not yet a warning sign of a top, but definitely the night before increased volatility.

The key now is to see clearly—who is truly moving chips, and why are they doing it at this moment? Funds that survive more than 18 months in the market never act impulsively. Once they take action, it’s a signal that the environment is changing.

Understanding this logic is essential to grasp the rhythm of the next wave of market movement.

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