#成长值抽奖赢iPhone17和周边

According to on-chain signals from CryptoQuant, we are indeed currently in the mid-stage between a deep correction and a structural pullback. This phase is not a result of “panic selling,” but rather:
On-chain profit-taking continues to be cleared out
Leverage is decreasing
Long-term holders (LTH) are slowing down their movements
The macro environment (interest rates + USD liquidity) remains tight
Until these conditions change, it will be difficult for the market to “bottom out quickly.”
But the good news is:
The current drawdown (-32%) is still within the “healthy correction range” seen in major cycles over the years.
No systemic selling models or on-chain panic structures have appeared.
Large funds (institutions/ETFs) have not shown significant outflows.
📉 My assessment: This is not a V-shaped rebound; it looks more like a mid-term consolidation bottom that will take time to digest.
A real reversal would require:
1) The network profit and loss structure returning to equilibrium
2) LTH bottom accumulation picking up again
3) Improvement in macro liquidity (especially a decline in US Treasury yields)
4) Bitcoin on-chain activity regaining strength