On-chain large holders' every move always reveals market sentiment. Recently, institutional investors at a major exchange have been closing long positions, a signal that usually indicates significant volatility in the short term, but their medium-term target points to $135,000.

From a capital perspective, the data on January 9th is quite interesting—1,305 Bitcoin flowed into exchanges, while 34,698 Ethereum did the same. This suggests a wave of funds quietly shifting to exchanges, but whether they plan to cut losses or enter into contracts is hard to say for now. However, this volume level does not yet indicate a "major trend reversal," but rather that institutions are testing the bottom.

Experienced big players always stay a few steps ahead of retail investors—accumulating at lows and selling in batches at highs. Many investors lack this patience and sensitivity, rushing to follow when whales accumulate and panicking to cut losses when distributions occur. The key in this wave is to learn how to interpret on-chain actions and not be fooled by short-term candlestick patterns.