Recently, I've been paying close attention to on-chain data, and it's quite interesting.

Just by looking at the net inflow of stablecoins, you can get a rough idea—USDC has been especially aggressive in the past couple of days. Around January 6th, it saw a daily inflow of $300 million, and the next day it doubled to $500 million. On the 8th, it was even more exaggerated, with over $800 million poured in. Over the course of a week, the net inflow of stablecoins into a major exchange has already exceeded $670 million. The entire January reversed the outflow trend of December and started to refill the coffers.

But there's a detail worth pondering—most of the incoming money is still sitting in stablecoins and hasn't moved much, as if it's "waiting in reserve." Some are waiting for a bottom-fishing opportunity, others are contemplating how to act. There hasn't been as much real cash directly pouring into high-risk assets like Bitcoin.

Today, the actions of those big players on the chain follow the same pattern—stablecoins remain the main players.

In terms of market share, stablecoins are currently stable between 9.8% and 9.9%. This ratio remains high, with no obvious signs of decline. As long as this number doesn't start dropping rapidly, it indicates that the big influx of funds into Bitcoin hasn't arrived yet. Most people are still in a "hold and observe" mode.

In the short term, the upward price movement is somewhat constrained. The market is likely to continue oscillating within this range without significant breakthroughs. When can the situation change? Based on the data, we’ll have to wait for next week's key reports or the emergence of certain external signals. That’s the current state of affairs.