#比特币链上分析# The latest on-chain data shows that long-term holders are transferring Bitcoin on a large scale, which is indeed worth following. From experience, this usually indicates that the market may be entering an adjustment period. However, considering the continuous inflow of institutional funds, I believe this round of bullish market has not reached its end, just that the pace may slow down. For copy trading operations, it is recommended to appropriately reduce position sizes while closely monitoring the movements of top traders. If they start to gradually reduce positions, we should also follow up in a timely manner. Of course, specific operations should also consider individual risk preferences. In this market environment, maintaining calm and rationality is more important than blindly chasing the price.