#加密市场行情分析 After reviewing this on-chain data analysis report, I believe the current market indeed exhibits typical characteristics of the late stage of a cycle. Large holders are slowing their accumulation, while small retail investors are accelerating their buying. This divergence often indicates that the market is about to enter a correction phase. The sharp drop this morning is likely due to liquidity and position adjustments, not a sign of a trend reversal.

The surge in short-term holders' losses indicates that sentiment is resetting, which could create conditions for a subsequent rebound. However, at the same time, exchange balances and stablecoin inflows still show some buying support, and potential selling pressure should not be underestimated.

I recommend investors remain cautious and closely monitor the movements of large address holdings. If whales increase their holdings again in a significant way, it may signal that a new rally is about to begin. Otherwise, the market may continue its oscillation and consolidation. Overall, at this stage, it is best to adopt a defensive stance and wait for clearer trend signals.