Currently, the trading activity in the crypto market is indeed declining. When opening trading apps and looking at the candlestick charts, there are hardly any significant fluctuations; community discussions have also changed, and the previous surge in order calls has diminished considerably. The 24-hour turnover rate is only 0.635%, which clearly indicates a significant drop in retail participation, and the market has entered a wait-and-see period.

However, behind this phenomenon lies a signal worth paying attention to—while retail investors choose to hold back, on-chain activity is hinting at a different story. Three interesting trends can be observed from on-chain data.

First, look at the flow of large assets. Trump Media & Technology Group recently transferred 2,000 Bitcoins, some of which have entered custody accounts. Such large transactions are often driven by institutional-level asset allocation adjustments. It is worth noting that funds entering custody accounts usually have a long-term holding attribute rather than short-term trading intentions, reflecting recognition of Bitcoin’s long-term value.

Next, observe the changes in exchange reserves. Currently, Bitcoin reserves on exchanges have fallen to a three-year low, decreasing by approximately 30% month-over-month. What does this indicate? It suggests that the actual chips are shifting—moving from a "highly liquid trading state" to a "long-term locked state." A large amount of funds are flowing from exchanges into private key wallets, gradually freezing active circulating chips. This is a typical institutional accumulation signal. Once circulating chips become tight at a critical point, a small increase in funds can cause significant price fluctuations.

Finally, look at stablecoin movements. Exchange reserves of USDT have surpassed the $45 billion mark, reaching a new high. These accumulated stablecoins are often the ammunition waiting for opportunities and are also important indicators for judging subsequent capital flows.

On-chain data is transparent; it accurately records the destination of every large transaction. Understanding how to interpret this data is essential to finding genuine investment clues in a low-turnover environment.