#加密货币市场波动分析 It is undoubtedly an interesting phenomenon that VCs are starting to calculate the price-to-sales ratio of store-of-value assets during the market winter. From a data analysis perspective, this could signal that market sentiment has bottomed out. Typically, store-of-value assets rarely use valuation metrics like price-to-sales ratios. When investors start valuing assets in this unconventional way, it often means they are looking for any possible entry opportunity.

Combined with recent on-chain data, it has indeed been observed that some large addresses have begun to increase their positions, and capital inflows have picked up. However, it is still necessary to be wary of possible sharp fluctuations in the short term. It is recommended to pay close attention to large-value transfers and contract interactions on the chain, especially the trend of stablecoin minting and burning, which can often reflect market trends in advance.

Overall, although the bottom signal is emerging, caution is still needed. Market reversals usually require a process, not an overnight experience. Continue to track various on-chain metrics and wait for more confirmatory signals to emerge.