BlockBeats News, October 13th. On-chain data analyst Murphy stated that during the downturn from October 6th to 11th, the Bitcoin whale group still maintained a consistent accumulation pace, showing a clear “buy the dip” behavior. Although there was a sharp drop on October 11th, the psychological impact on large holders was much smaller than the two macro events in April of this year and August of last year. With the continuous entry of major capital, the BTC market has become more mature overall, and the reaction to sudden events is no longer blind panic or mass liquidation.
During the recent rapid decline, the outflow of capital was more moderate compared to previous occurrences, leading to even a minor “bullish divergence” in the “price and capital increment gradient” indicator. The long/short trading volume difference of perpetual contracts has reverted to the 90-day median, and the sentiment of the most sensitive speculative group is returning to neutral. Compared to the extreme anxiety when BTC first retraced to $10.8 thousand at the end of August, the market now appears more balanced.
The analyst does not believe that this is the beginning of a bear market in the larger cycle, as the foundation of the bull market remains unchanged. The greatest current uncertainty in the market is Trump, whose unpredictable policies may cause short-term fluctuations. However, it is certain that similar “black swan” events will have a diminishing impact on BTC, and the market is gradually becoming desensitized. This analysis is for learning and communication purposes only and should not be considered as investment advice.
