帖子

The price has bounced back, but I'm more interested in what the on-chain data and whales have been doing these past two days. $BTC has risen from just over 62,000 to 63,800. On the surface, it looks like the bulls have won, but if you take a look at the net flow on exchanges and the actions of large addresses, you'll find that much of the rebound is actually short squeezes in the derivatives market, not large spot purchases. The difference between these two determines whether this move is a "bottom" or just a "rebound": real spot accumulation with actual money gives the rebound legs; pure contract short squeezes will burn out and revert to the original state. So don't just be happy watching green candlesticks—asking "who is buying" is often more valuable than "how much it has risen." Those who understand, understand.