The most frequently asked question recently is—why does BTC stay stubbornly around $90,000 without dropping? Today, I will thoroughly explain this matter.

To put it simply, the true purpose of this sideways trading range is "high-level turnover." What does that mean? It means converting retail chips that entered at $60,000 to $70,000 and started to panic after earning 50% into institutional or long-term investors who truly believe in BTC's long-term value and see $100,000 as just the beginning. Once this process is complete, the market's average holding cost will rise overall, making subsequent upward movements much easier.

Many people can't understand—why don't big funds just push the price up directly? There's a reason for that. If a sudden surge happens now, those low-cost profit-taking positions will also rise, and when the price exceeds $100,000, these traders will concentrate on dumping, disrupting the rhythm. Instead of that, it's better to oscillate repeatedly around the $90,000 range, using time to wear down retail investors' patience, causing them to voluntarily hand over their chips. Imagine sifting sand: once the fine particles are filtered out, only the coarse grains remain to build a truly solid "wall."

Let's look at on-chain data: in the past week, the net outflow of BTC from exchanges reached 12,000 coins, indicating more coins are moving from exchanges to personal wallets—this is a clear signal of locking in positions. Meanwhile, the MVRV Z-Score is now close to zero, meaning the current price is basically at the market's average cost level, with no serious bubble in sight. When these two data points are combined, it becomes clear—today's sideways trading is actually a healthy process of chip renewal.