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Murphy

17年老韭菜;研究链上数据和宏观情绪相结合,构建自己的交易思维。保持谨慎乐观 | X: @Murphychen888
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That day has finally come... When I opened my stock account, which was nearly worn smooth by time, checking which stocks hadn't risen yet to buy a little for protection, I was surprised to find there was still an ETF I hadn't fully sold before, unintentionally holding it for 460 days and making a 50% profit, instantly moved to tears of excitement... These 460 days I devoted myself entirely to pursuing Web3, only to miss the true love right in front of me. Planting flowers intentionally, they don't bloom; planting willows casually, they flourish... A-shares, won't you deceive me again this time?
That day has finally come...

When I opened my stock account, which was nearly worn smooth by time,
checking which stocks hadn't risen yet to buy a little for protection,

I was surprised to find there was still an ETF I hadn't fully sold before,
unintentionally holding it for 460 days and making a 50% profit,

instantly moved to tears of excitement...

These 460 days I devoted myself entirely to pursuing Web3,
only to miss the true love right in front of me.

Planting flowers intentionally, they don't bloom; planting willows casually, they flourish...

A-shares, won't you deceive me again this time?
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Even in 2026, if it's a 'bear market,' it will still be an 'atypical bear market'In the tweet posted on December 10, 2025, we calculated that the BTC price would need to drop to $62,000 (see citation) at that time to bring PSIP below 50%. The previous calculation on November 20 showed that the price would need to fall to $59,000 to achieve the same. Yesterday, I recalculated and the result remained $62,000. The implication is that between November 20 and December 10, a large amount of low-cost holdings were swapped to high-cost positions (profit-taking), raising the overall cost basis. From December 10 to January 12, the volume of low-to-high swaps significantly decreased, and the overall cost basis remained almost unchanged, hence still $62,000.

Even in 2026, if it's a 'bear market,' it will still be an 'atypical bear market'

In the tweet posted on December 10, 2025, we calculated that the BTC price would need to drop to $62,000 (see citation) at that time to bring PSIP below 50%. The previous calculation on November 20 showed that the price would need to fall to $59,000 to achieve the same. Yesterday, I recalculated and the result remained $62,000.

The implication is that between November 20 and December 10, a large amount of low-cost holdings were swapped to high-cost positions (profit-taking), raising the overall cost basis. From December 10 to January 12, the volume of low-to-high swaps significantly decreased, and the overall cost basis remained almost unchanged, hence still $62,000.
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$BTC The dollar value of the average on-chain transaction per transaction rose from $24,897 per transaction on December 30, 2025, to $41,338 per transaction on January 13, 2026. The liquidity that seemingly disappeared due to holidays is now returning! Large funds are beginning to participate in turnover, signaling the start of new market dynamics in 2026......
$BTC The dollar value of the average on-chain transaction per transaction rose from $24,897 per transaction on December 30, 2025, to $41,338 per transaction on January 13, 2026.

The liquidity that seemingly disappeared due to holidays is now returning! Large funds are beginning to participate in turnover, signaling the start of new market dynamics in 2026......
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Funding Structure + Position Structure = Market DirectionThe option Gamma exposure (GEX) essentially tells us: when BTC price fluctuates, do option market makers 'help stabilize the price' or 'are forced to follow the price movement'? Market makers (MMs) typically don't bet on direction, but earn from spreads. After selling/buying options, they become exposed to changes in Delta and Gamma. As soon as the price changes, Delta changes (this is Gamma). To maintain a risk-neutral position, MMs must immediately buy or sell BTC spot (or futures) for hedging. In a Long Gamma state, when the price drops, MMs buy BTC; when the price rises, they sell BTC to hedge; thus forming Gamma gravity. Conversely, in a Short Gamma state, when the price drops, MMs are forced to sell BTC; when the price rises, they are forced to buy BTC; thus becoming a volatility amplifier.

Funding Structure + Position Structure = Market Direction

The option Gamma exposure (GEX) essentially tells us: when BTC price fluctuates, do option market makers 'help stabilize the price' or 'are forced to follow the price movement'? Market makers (MMs) typically don't bet on direction, but earn from spreads. After selling/buying options, they become exposed to changes in Delta and Gamma.

As soon as the price changes, Delta changes (this is Gamma). To maintain a risk-neutral position, MMs must immediately buy or sell BTC spot (or futures) for hedging.

In a Long Gamma state, when the price drops, MMs buy BTC; when the price rises, they sell BTC to hedge; thus forming Gamma gravity. Conversely, in a Short Gamma state, when the price drops, MMs are forced to sell BTC; when the price rises, they are forced to buy BTC; thus becoming a volatility amplifier.
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Looking at the RMMPC indicators, Asian region funds still have stronger dominance over BTC prices. After December 19, 2025, they initiated a strong entry, driving BTC's rebound after the second pullback to 85,000. However, it's somewhat frustrating that funds from the U.S. region haven't followed suit (partly due to holidays as well), which explains why the rebound has been so hesitant. Comparing to March 2025, before the market rally began, Asian funds also entered first, followed by U.S. funds, and ultimately the two forces combined to generate strong momentum and shift the market direction. Now, everything is in place—just waiting for the U.S. to give the signal. Brother! If you don't come soon, I might have to go back to working at Meituan...
Looking at the RMMPC indicators, Asian region funds still have stronger dominance over BTC prices. After December 19, 2025, they initiated a strong entry, driving BTC's rebound after the second pullback to 85,000.

However, it's somewhat frustrating that funds from the U.S. region haven't followed suit (partly due to holidays as well), which explains why the rebound has been so hesitant.

Comparing to March 2025, before the market rally began, Asian funds also entered first, followed by U.S. funds, and ultimately the two forces combined to generate strong momentum and shift the market direction.

Now, everything is in place—just waiting for the U.S. to give the signal. Brother! If you don't come soon, I might have to go back to working at Meituan...
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Divergences arise just like this... In Figure 1, CryptoCon believes the Bitcoin market has become overheated and is about to enter a bear market. Having observed that the monthly Bollinger Band percentage channel has shown consecutive top divergences at the upper band and has now returned to the middle line, he concludes it's only natural for the market to continue moving toward the lower band, leading Bitcoin into a deep bear phase. SuperBro, however, raises objections (Figure 2)! He argues that CryptoCon has prematurely assumed the 'cycle is ending,' falling into the rigid mindset of the traditional four-year cycle, while overlooking business cycles entirely. In CryptoCon's own indicator, he points out that historically, whenever the indicator first tests the middle line, Bitcoin always goes on to set a new all-time high (Figure 3). Moreover, he adds: In trading, divergence patterns like this are extremely common. After such divergences, sharp corrections often form higher lows (like BYC's drop from its peak to 80,000), followed by strong upward momentum—examples of this are countless. The same indicator leads to completely opposite conclusions—doesn't that seem incredible? I believe the fundamental reason lies in the observer's preconceived mental path. Looking for angles with preconceptions is a trap we often fall into. Nonetheless, 2026 is undoubtedly a year full of challenges and uncertainties. After that, we will gain a brand-new data sample, which will be of great reference value in refining trend analysis and trading systems!
Divergences arise just like this...

In Figure 1, CryptoCon believes the Bitcoin market has become overheated and is about to enter a bear market. Having observed that the monthly Bollinger Band percentage channel has shown consecutive top divergences at the upper band and has now returned to the middle line, he concludes it's only natural for the market to continue moving toward the lower band, leading Bitcoin into a deep bear phase.

SuperBro, however, raises objections (Figure 2)! He argues that CryptoCon has prematurely assumed the 'cycle is ending,' falling into the rigid mindset of the traditional four-year cycle, while overlooking business cycles entirely.

In CryptoCon's own indicator, he points out that historically, whenever the indicator first tests the middle line, Bitcoin always goes on to set a new all-time high (Figure 3).

Moreover, he adds: In trading, divergence patterns like this are extremely common. After such divergences, sharp corrections often form higher lows (like BYC's drop from its peak to 80,000), followed by strong upward momentum—examples of this are countless.

The same indicator leads to completely opposite conclusions—doesn't that seem incredible?

I believe the fundamental reason lies in the observer's preconceived mental path. Looking for angles with preconceptions is a trap we often fall into.

Nonetheless, 2026 is undoubtedly a year full of challenges and uncertainties. After that, we will gain a brand-new data sample, which will be of great reference value in refining trend analysis and trading systems!
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The investor confidence index is gradually approaching the zero axis. Its positive implication is that current investor confidence in the BTC trend is slowly recovering. This also suggests that the view that 'the rebound is not yet over' has theoretical foundation. However, due to the slow progress, the market's rhythm might be advancing two steps and retreating one, or advancing three steps and retreating two, greatly testing our patience. If we assume an average rate of decline, based on the current height of the red zone, it will take at least 55 days to reach the yellow (doubt) zone and green (confidence) zone, assuming no unexpected events occur along the way......
The investor confidence index is gradually approaching the zero axis.

Its positive implication is that current investor confidence in the BTC trend is slowly recovering. This also suggests that the view that 'the rebound is not yet over' has theoretical foundation.

However, due to the slow progress, the market's rhythm might be advancing two steps and retreating one, or advancing three steps and retreating two, greatly testing our patience.

If we assume an average rate of decline, based on the current height of the red zone, it will take at least 55 days to reach the yellow (doubt) zone and green (confidence) zone, assuming no unexpected events occur along the way......
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Using a set of Binance open (free and effective) data to observe changes in on-chain demandIn Binance Wealth Management, investors' returns from holding BFUSD come from Binance's delta-neutral strategy, which earns funding fees by hedging futures positions against spot positions. Therefore, the level of returns depends on whether long positions are willing to pay a higher directional premium. Another stablecoin wealth management product is RWUSD, whose returns come from Binance's operating income and tokenized U.S. Treasuries/real-world assets; thus, the offered 3.86% return is almost consistently stable over the long term, while BFUSD's returns fluctuate. Therefore, we can summarize the following three points: 1. We can use RWUSD's yield as a benchmark for capital cost. If BFUSD's yield is lower than RWUSD's, it indicates that current market sentiment among longs is cautious and unwilling to leverage by paying a directional premium. Recently, BFUSD's yield has been around 3.5%-4%, slightly higher than RWUSD's.

Using a set of Binance open (free and effective) data to observe changes in on-chain demand

In Binance Wealth Management, investors' returns from holding BFUSD come from Binance's delta-neutral strategy, which earns funding fees by hedging futures positions against spot positions. Therefore, the level of returns depends on whether long positions are willing to pay a higher directional premium.

Another stablecoin wealth management product is RWUSD, whose returns come from Binance's operating income and tokenized U.S. Treasuries/real-world assets; thus, the offered 3.86% return is almost consistently stable over the long term, while BFUSD's returns fluctuate.

Therefore, we can summarize the following three points:

1. We can use RWUSD's yield as a benchmark for capital cost. If BFUSD's yield is lower than RWUSD's, it indicates that current market sentiment among longs is cautious and unwilling to leverage by paying a directional premium. Recently, BFUSD's yield has been around 3.5%-4%, slightly higher than RWUSD's.
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Early stages of sentiment recovery may also involve more fluctuationsThe rebound of BTC encountered resistance at the first key level, the '0.75 percentile cost line,' which was also in line with our previous psychological expectations. Moving from the 0.65 percentile to the 0.75 percentile means an additional 10% of筹码 have been 'unlocked.' Under the current cautious sentiment among investors, some selling pressure is understandable. Over the past month, by analyzing data from multiple angles including the distribution of holdings, whale behavior, long-term holder (LTH) sell-offs, contract directional premium, and options funding structure, we concluded that panic sentiment is gradually recovering. However, one data point stands out as less satisfactory—or even concerning—namely the BTC balance on the Binance exchange.

Early stages of sentiment recovery may also involve more fluctuations

The rebound of BTC encountered resistance at the first key level, the '0.75 percentile cost line,' which was also in line with our previous psychological expectations. Moving from the 0.65 percentile to the 0.75 percentile means an additional 10% of筹码 have been 'unlocked.' Under the current cautious sentiment among investors, some selling pressure is understandable.

Over the past month, by analyzing data from multiple angles including the distribution of holdings, whale behavior, long-term holder (LTH) sell-offs, contract directional premium, and options funding structure, we concluded that panic sentiment is gradually recovering. However, one data point stands out as less satisfactory—or even concerning—namely the BTC balance on the Binance exchange.
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Is SOL's 'Hard Bottom' Forming?The price correction is merely superficial; the true floor is always determined by demand and holder structure. Although this round of SOL's decline followed the broader market trend, it's not simply a retreat in sentiment, but rather a concentrated test of cost basis, loss tolerance, and the core consensus community. Below, we'll break down SOL's current position from four dimensions—structure, sentiment, behavior, and cost—and highlight the risks and supports worth paying attention to behind these data. 1. Structure SOL-URPD appears more polarized compared to ETH, exhibiting a peculiar 'convex' shape; there are very few holdings below $120 and above $200, while the vast majority of holdings last changed hands within the $120-$200 price range, currently accumulating 435 million SOL, accounting for 77% of the circulating supply.

Is SOL's 'Hard Bottom' Forming?

The price correction is merely superficial; the true floor is always determined by demand and holder structure. Although this round of SOL's decline followed the broader market trend, it's not simply a retreat in sentiment, but rather a concentrated test of cost basis, loss tolerance, and the core consensus community.

Below, we'll break down SOL's current position from four dimensions—structure, sentiment, behavior, and cost—and highlight the risks and supports worth paying attention to behind these data.

1. Structure

SOL-URPD appears more polarized compared to ETH, exhibiting a peculiar 'convex' shape; there are very few holdings below $120 and above $200, while the vast majority of holdings last changed hands within the $120-$200 price range, currently accumulating 435 million SOL, accounting for 77% of the circulating supply.
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Who are Conviction Buyers?There are three layers of real estate demand: the lowest layer is living demand (residential attribute), the middle layer is investment demand (asset attribute), and the top layer is speculative demand (financial attribute). The basic circulation and price stability are ensured by the bottom-layer demand, then the middle-layer demand gradually expands, and finally speculative leverage accelerates the bull market process. There are also three layers of demand: Conviction Buyers (CB) create the foundational consensus demand; First Buyers (FB) provide fresh blood, absorbing excess issuance; Momentum Buyers (MB) act as accelerators, triggering emotional spikes in a short period.

Who are Conviction Buyers?

There are three layers of real estate demand: the lowest layer is living demand (residential attribute), the middle layer is investment demand (asset attribute), and the top layer is speculative demand (financial attribute). The basic circulation and price stability are ensured by the bottom-layer demand, then the middle-layer demand gradually expands, and finally speculative leverage accelerates the bull market process.

There are also three layers of demand:
Conviction Buyers (CB) create the foundational consensus demand;
First Buyers (FB) provide fresh blood, absorbing excess issuance; Momentum Buyers (MB) act as accelerators, triggering emotional spikes in a short period.
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BTC Rebound Approaching First Resistance!The BTC supply quantile holding cost band divides the entire chain's BTC holding cost (realized price) into quantiles and plots the cost levels across different ranges. This helps us observe potential support or resistance levels by analyzing the distribution of these cost clusters. The black line is price; the purple line (0.65 quantile cost) indicates that 65% of BTC's circulating supply has a cost below this line. This is typically the most critical support level during bull-bear transitions, currently at $84,870. Similarly, the red and green lines represent the 0.75 and 0.85 quantile costs, respectively; After finding support at the purple line, the first rebound target is the 0.75 quantile cost line (red line) — $92,722; BTC is currently above this line, meaning an additional 10% of the supply has been unlocked from losses. Only after breaking through and holding above the red line can we expect the next target: $104,562 (green line position).

BTC Rebound Approaching First Resistance!

The BTC supply quantile holding cost band divides the entire chain's BTC holding cost (realized price) into quantiles and plots the cost levels across different ranges. This helps us observe potential support or resistance levels by analyzing the distribution of these cost clusters.

The black line is

price; the purple line (0.65 quantile cost) indicates that 65% of BTC's circulating supply has a cost below this line. This is typically the most critical support level during bull-bear transitions, currently at $84,870. Similarly, the red and green lines represent the 0.75 and 0.85 quantile costs, respectively;

After finding support at the purple line, the first rebound target is the 0.75 quantile cost line (red line) — $92,722; BTC is currently above this line, meaning an additional 10% of the supply has been unlocked from losses. Only after breaking through and holding above the red line can we expect the next target: $104,562 (green line position).
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Some friends might think it's confusing that I analyze data and trends, yet execute short-term trades. Actually, this is a misunderstanding. All my spot positions are based on data analysis and my judgment and understanding of trends (Figure 1). Only when I anticipate a relatively long consolidation phase do I allocate a portion of capital for intraday short-term trading. However, once a breakout or breakdown occurs, forming a clear directional trend, the consolidation trades will be stopped—either by stop-loss or take-profit (Figure 2). The capital freed up can then be used for right-side breakout trades. As clearly stated in my posts yesterday and the day before, based on on-chain data and candlestick indicators, I judged that the probability of a 'real rebound' is higher than that of a 'false breakout'. Therefore, after BTC's daily candle closed above the descending trendline at $90,588, I chose to add more positions and set the stop-loss for this trade at the strong support level of the筹码 structure at $87,000, achieving consistency between knowledge and action. Currently, my spot position has increased to 80%. But if you ask me whether I'm now bullish? Unfortunately, my answer is: No! Not now, and I even believe that a 'bull recovery' might not be visible before Q2 of 2026. My purpose in adding positions is clear: to 'bet on a rebound'. I will reduce my position when BTC reaches my expected range, or moves significantly beyond it, or when data suggests it might be nearing its peak—though I won't liquidate entirely. I always leave room for my trades, plan ahead, and maintain error tolerance. Especially in 2026—this is, in my view, where the turning point for the next 2–3 years will likely occur—and we should therefore be fully prepared, both mentally and with sufficient capital.
Some friends might think it's confusing that I analyze data and trends, yet execute short-term trades. Actually, this is a misunderstanding.

All my spot positions are based on data analysis and my judgment and understanding of trends (Figure 1). Only when I anticipate a relatively long consolidation phase do I allocate a portion of capital for intraday short-term trading.

However, once a breakout or breakdown occurs, forming a clear directional trend, the consolidation trades will be stopped—either by stop-loss or take-profit (Figure 2).

The capital freed up can then be used for right-side breakout trades. As clearly stated in my posts yesterday and the day before, based on on-chain data and candlestick indicators, I judged that the probability of a 'real rebound' is higher than that of a 'false breakout'.

Therefore, after BTC's daily candle closed above the descending trendline at $90,588, I chose to add more positions and set the stop-loss for this trade at the strong support level of the筹码 structure at $87,000, achieving consistency between knowledge and action.

Currently, my spot position has increased to 80%. But if you ask me whether I'm now bullish? Unfortunately, my answer is: No! Not now, and I even believe that a 'bull recovery' might not be visible before Q2 of 2026.

My purpose in adding positions is clear: to 'bet on a rebound'. I will reduce my position when BTC reaches my expected range, or moves significantly beyond it, or when data suggests it might be nearing its peak—though I won't liquidate entirely.

I always leave room for my trades, plan ahead, and maintain error tolerance. Especially in 2026—this is, in my view, where the turning point for the next 2–3 years will likely occur—and we should therefore be fully prepared, both mentally and with sufficient capital.
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Originally, I realized my Binance account was also registered in 2017. I vaguely remember that back then, almost all exchanges were unusable—only withdrawals were possible, not deposits. Only Binance worked, but it only supported spot trading, with no fiat trading pairs and no stablecoins. On October 24, 2017, the price of BNB was $1.2, and BTC was $5,500, meaning 1 BTC = 4,583 BNB; just three months earlier, during Binance's ICO, the official exchange rate was 1 BTC = 20,000 BNB. Now, that ratio has been reduced to 1:100... Regardless of whether you acknowledge Binance or not, you cannot deny BNB's outstanding performance across the past three market cycles, surviving both bull and bear markets! It has become the most certain investment asset among major asset classes, second only to BTC, and even surpassed BTC in terms of performance when measured in crypto terms. Even in 2025, BNB continues to perform exceptionally. Unfortunately, I ended up placing my most frequently traded asset on USDC instead. Binance's annual report says: This is thanks to your insightful vision and foresight! Ah... the damage isn't severe, but the insult is brutal! Missing out in 2017 was due to lack of awareness, but missing out in 2025 is truly a lack of courage. So this so-called 'trading giant' is indeed overrated and undeserved 🤣🤣🤣
Originally, I realized my Binance account was also registered in 2017. I vaguely remember that back then, almost all exchanges were unusable—only withdrawals were possible, not deposits. Only Binance worked, but it only supported spot trading, with no fiat trading pairs and no stablecoins.

On October 24, 2017, the price of BNB was $1.2, and BTC was $5,500, meaning 1 BTC = 4,583 BNB; just three months earlier, during Binance's ICO, the official exchange rate was 1 BTC = 20,000 BNB. Now, that ratio has been reduced to 1:100...

Regardless of whether you acknowledge Binance or not, you cannot deny BNB's outstanding performance across the past three market cycles, surviving both bull and bear markets! It has become the most certain investment asset among major asset classes, second only to BTC, and even surpassed BTC in terms of performance when measured in crypto terms.

Even in 2025, BNB continues to perform exceptionally. Unfortunately, I ended up placing my most frequently traded asset on USDC instead. Binance's annual report says: This is thanks to your insightful vision and foresight!

Ah... the damage isn't severe, but the insult is brutal!

Missing out in 2017 was due to lack of awareness, but missing out in 2025 is truly a lack of courage. So this so-called 'trading giant' is indeed overrated and undeserved 🤣🤣🤣
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In the price distribution of ETH, will ancient chips with a cost below $400 be locked up for the long term and not actually enter circulation?This is a fan's message asking me a question. I think that those currently holding ETH or planning to buy the dip on ETH should pay attention to this point, so it's worth discussing and sharing with everyone. First of all, the answer is 'negative'! Let's look at a few sets of data: Currently, the average turnover cost of ETH held for 5-7 years is $378; therefore, we can separately filter out the behavior of investors holding ETH for more than 5 years in this cycle. As shown in Chart 1, in 2024-2025, whenever the price of ETH breaks through the $4000 mark, a large amount of ancient chips will cash out profits.

In the price distribution of ETH, will ancient chips with a cost below $400 be locked up for the long term and not actually enter circulation?

This is a fan's message asking me a question. I think that those currently holding ETH or planning to buy the dip on ETH should pay attention to this point, so it's worth discussing and sharing with everyone.

First of all, the answer is 'negative'! Let's look at a few sets of data:

Currently, the average turnover cost of ETH held for 5-7 years is $378; therefore, we can separately filter out the behavior of investors holding ETH for more than 5 years in this cycle.

As shown in Chart 1, in 2024-2025, whenever the price of ETH breaks through the $4000 mark, a large amount of ancient chips will cash out profits.
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In the metaphysical prediction on December 18, we expect that before January 1, 2026, the BTC MVRV will roughly be in the range of 1.45-1.63, which corresponds to a BTC price range of: $81,700 - $91,800 (see citation); Currently, the actual MVRV of BTC is 1.58, with a price around 8.8-9w, which can be said to fully comply with the predicted range. According to the "three-line integration" indicator, the MVRV will be at least 1.27 before January 23, corresponding to a BTC price of $71,000; however, I believe that based on the current overall situation (on-chain data + K-line indicators), the probability of reaching this lowest point is not high. If BTC can transition smoothly by January 23, then there will be a rebound before February 16, with the MVRV peak at 1.85, corresponding to a BTC price of $104,000. Although we cannot guarantee that metaphysical predictions are always accurate, I personally believe that the probability of a rebound is quite high.
In the metaphysical prediction on December 18, we expect that before January 1, 2026, the BTC MVRV will roughly be in the range of 1.45-1.63, which corresponds to a BTC price range of: $81,700 - $91,800 (see citation);

Currently, the actual MVRV of BTC is 1.58, with a price around 8.8-9w, which can be said to fully comply with the predicted range.

According to the "three-line integration" indicator, the MVRV will be at least 1.27 before January 23, corresponding to a BTC price of $71,000; however, I believe that based on the current overall situation (on-chain data + K-line indicators), the probability of reaching this lowest point is not high.

If BTC can transition smoothly by January 23, then there will be a rebound before February 16, with the MVRV peak at 1.85, corresponding to a BTC price of $104,000.

Although we cannot guarantee that metaphysical predictions are always accurate, I personally believe that the probability of a rebound is quite high.
Murphy
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The Mutual Verification of 'Mysticism' and 'Reality'
Glassnode's weekly on-chain data report provides us with a comprehensive reference for observing and assessing the factors influencing current market prices from multiple angles (on-chain, spot, futures, options). Although there is no clear bullish or bearish viewpoint, as a research report, it ensures the objectivity of micro-level data and rational analysis.

Just now, I carefully reviewed the latest data report. Although I do not completely agree with some of the narratives that have a 'carving the boat' tendency, I generally appreciate the overall attitude reflected in the text of 'maintaining caution' rather than 'being overly pessimistic' regarding the current BTC market.
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Is BTC about to rebound?The indicators I use in short-term trading can provide relatively clear signal points for long and short transitions at the 10-minute to 1-hour level. Moreover, it also has high auxiliary value under larger time conditions. For example, we switch to the 3-day line: Currently, the 3-day K and trend indicators of BTC have diverged, indicating that the downward momentum at this level is gradually being absorbed. The downward momentum is strongest when the first red point appears, after which the price consolidates and the indicator gradually returns to the middle axis, creating a divergence. Similar situations occurred during the period from February to April 25. The K corresponding to the first red point has the largest deviation from the trend line and the strongest momentum; afterwards, the K line oscillates downward, but the indicator gradually returns to the middle axis, while an oversold signal appears. This is followed by a wave of trend reversal.

Is BTC about to rebound?

The indicators I use in short-term trading can provide relatively clear signal points for long and short transitions at the 10-minute to 1-hour level. Moreover, it also has high auxiliary value under larger time conditions.

For example, we switch to the 3-day line:

Currently, the 3-day K and trend indicators of BTC have diverged, indicating that the downward momentum at this level is gradually being absorbed. The downward momentum is strongest when the first red point appears, after which the price consolidates and the indicator gradually returns to the middle axis, creating a divergence.

Similar situations occurred during the period from February to April 25. The K corresponding to the first red point has the largest deviation from the trend line and the strongest momentum; afterwards, the K line oscillates downward, but the indicator gradually returns to the middle axis, while an oversold signal appears. This is followed by a wave of trend reversal.
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Many friends have asked, what is the current concentration of BTC chips?Before that, let's take a look at a set of data: the dollar value of the average single transaction volume on the BTC chain, which dropped from an average of $46,610 on December 14 to an average of $24,897 on December 30, while during this period, BTC's price basically remained around 87,000-88,000. What does this indicate? Yes, it means that the enthusiasm of large funds participating in the turnover during this period has decreased. This leads to the situation where, although BTC prices continue to fluctuate within a range, the speed of chips distributed at both ends of the price being injected (turned over) into the middle section has slowed down. Therefore, we see that the concentration of BTC chips has hardly changed from the 25th to the 30th (currently at 14.4%).

Many friends have asked, what is the current concentration of BTC chips?

Before that, let's take a look at a set of data: the dollar value of the average single transaction volume on the BTC chain, which dropped from an average of $46,610 on December 14 to an average of $24,897 on December 30, while during this period, BTC's price basically remained around 87,000-88,000.

What does this indicate? Yes, it means that the enthusiasm of large funds participating in the turnover during this period has decreased.

This leads to the situation where, although BTC prices continue to fluctuate within a range, the speed of chips distributed at both ends of the price being injected (turned over) into the middle section has slowed down. Therefore, we see that the concentration of BTC chips has hardly changed from the 25th to the 30th (currently at 14.4%).
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The same formula, the same script; You launch your atomic bomb, I throw my grenade; When the BTC daily chart becomes a straight line, repeatedly marking doors on the hourly chart, it inadvertently provides a unique maneuvering space for short-term trading. The signals are clear, and the stop-loss is well-defined. As long as the method is appropriate, no matter how you draw or how many doors you draw, we just need to patiently catch each one. Each time we catch one, there's an 8-10% profit, not based on feeling, not relying on luck, but completely following the signals to execute. Dog dealer, please continue your performance... draw more, I like it!
The same formula, the same script;
You launch your atomic bomb, I throw my grenade;

When the BTC daily chart becomes a straight line, repeatedly marking doors on the hourly chart, it inadvertently provides a unique maneuvering space for short-term trading. The signals are clear, and the stop-loss is well-defined.

As long as the method is appropriate, no matter how you draw or how many doors you draw, we just need to patiently catch each one. Each time we catch one, there's an 8-10% profit, not based on feeling, not relying on luck, but completely following the signals to execute.

Dog dealer, please continue your performance... draw more, I like it!
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When is it worth bottom-fishing for ETH?In the previous tweet, we observed through on-chain data that there is clearly significant capital accumulating ETH in the $2700-$3100 range. So should we, as ordinary investors, align our actions with those of the whales? I believe that if it were BTC, we could consider it, but we should be more cautious with ETH. Those who have read the previous tweet should know: there is a huge difference between the chip structure of ETH and BTC (see citation), and the current structure still has hidden dangers. For example, the total supply is unlimited, early profit-taking chips are still largely retained, there is no obvious structural support, and the consensus is insufficient to lock in excess supply, etc.

When is it worth bottom-fishing for ETH?

In the previous tweet, we observed through on-chain data that there is clearly significant capital accumulating ETH in the $2700-$3100 range. So should we, as ordinary investors, align our actions with those of the whales? I believe that if it were BTC, we could consider it, but we should be more cautious with ETH.

Those who have read the previous tweet should know: there is a huge difference between the chip structure of ETH and BTC (see citation), and the current structure still has hidden dangers. For example, the total supply is unlimited, early profit-taking chips are still largely retained, there is no obvious structural support, and the consensus is insufficient to lock in excess supply, etc.
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