The Bitcoin market has recently fallen into a fog of data interpretation.

The most intuitive phenomenon is: whales (large investors) are buying aggressively, with frequent price fluctuations, but the market's reaction is uneven—hot and cold. This scene is a bit like riding a roller coaster—suddenly someone steps on the accelerator full throttle, gaining speed rapidly, but the road signs outside the window are obscured by fog, and passengers start to feel confused.

Looking at specific phenomena: whale movements are often seen as "bottom-fishing" signals, implying that seasoned investors are optimistic about the future. However, this round of buying has not triggered a consensus of bullishness in the market; instead, it has sparked discussions—everyone's consensus on the bottom is far from firm. Meanwhile, the stock performance of a certain leading institution is highly correlated with Bitcoin; its earnings reports or index adjustments could trigger chain reactions at any time.

The most common pitfall here is overinterpreting on-chain data as a universal guide. Some analysts rely too heavily on single-dimensional indicators, neglecting other variables such as policy environment, capital flows, macroeconomic conditions, etc. Looking at the foggy mountain peaks through a telescope, you can see the outline, but the true distance and danger level? That’s uncertain.

The question now before us is: is this a golden opportunity worth entering, or a trap carefully set by the bulls? The market is still waiting for an answer.