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According to ChainCatcher, on-chain data shows that the accumulation of bitcoin by hoarding addresses has reached a historic high. In the past 30 days, these addresses have accumulated more than 375,000 BTC. In less than two months, the average monthly accumulation has doubled, rising from 130,000 BTC to 262,000 BTC, indicating that this trend is accelerating. "Hoarding addresses" are defined as wallets that meet the following criteria: no outflows of funds, the most recent transaction involved purchasing a certain amount of BTC, at least two purchase records, holding a minimum total amount of BTC, transaction activity within the past 7 years, excluding known centralized exchange and miner addresses, and not being smart contract addresses. Therefore, these types of addresses can be associated with the behavioral characteristics of long-term holders. Some investors are unwavering in continuously increasing their wallet holdings, and the growth of ETFs is also likely accelerating this trend.

Jinse Finance reported that Matrixport stated, "Relative to market size, cryptocurrency trading volume remains weak. Over the past 12 months, total market capitalization has risen from $2.4 trillion to $3.7 trillion, while daily trading volume has dropped from $352 billion to $178 billion, a decrease of 50%. This divergence may indicate more limited market participation and reduced upward momentum. If this situation persists, a cautious stance may be necessary. According to recent on-chain indicators, bitcoin may have entered a minor bear market phase. Although there are several potential catalysts, their ability to drive a sustained upward trend remains uncertain. In a low-liquidity environment, reported trading activity and fee income on major exchanges remain sluggish."