#Strategy加码BTC配置 The market is currently in the final stage of extreme consolidation, which could trigger volatility at any moment—this critical point may serve as the key signal for the market's next move. Looking at yesterday's on-chain data, whale addresses continued to net inflow of over 200 coins, but the market reaction was tepid. Liquidity has essentially become very thin; retail investors have either already sold out or are still on the sidelines watching. In reality, most of the chips are now held by a new wave of large players represented by Wall Street institutions, which directly leads to a distorted phenomenon: even small amounts of capital can easily sway the market's ups and downs.

In this situation, the most practical approach is to wait. Wait for the price to break out of the range, or wait for a thorough dump followed by a false breakdown and recovery, then follow up decisively. During the boring consolidation phase? You can operate small positions in contracts for entertainment, or take advantage of the holiday break to stay away from the pressure of watching the market—both are reasonable strategies.

It is worth noting the new signal from spot ETFs—yesterday, there was a net inflow of 355 coins, breaking the streak of seven consecutive days of net outflows. Whether this positive turn can be sustained remains to be seen. Don't underestimate the data on spot ETFs; it is often a significant driving force behind upward movements.