Yesterday early morning, a large amount of 23,000 BTC was transferred to exchanges again, which is quite an intriguing signal.

Combining on-chain data and the current macro environment, I tend to believe that this wave of correction is the last buying opportunity. The reasons are roughly as follows:

First, policies related to stablecoins are indeed progressing rapidly. Based on the current pace, it should be settled by the first quarter of 2026. Second, the enthusiasm for institutional accumulation has not cooled down; the net inflows into Grayscale and BlackRock last week actually accelerated. Lastly, and most importantly, the proportion of on-chain holdings held for over a year has reached a new high in the past 18 months, indicating that long-term investors still have confidence.

Let's first look at the $100,000 mark for BTC; once broken, $150,000 is not a difficult target. Of course, all predictions are based on current information, and we still need to pay attention to macro and policy changes later.