#比特币市场分析# Analyzing the Bitcoin market, an interesting phenomenon has been discovered: the traditional cyclical theory seems no longer applicable. In the past, we focused on the timing of Whale coin hoarding and retail investors entering the market, but now the market structure has changed. Old Whales are not selling coins to retail investors, but rather transferring them to new long-term holders. The scale of institutional investment has exceeded expectations, and the number of holders has surpassed that of traders. This structural change may have been overlooked by many, including myself. There is a need to rethink market analysis methods, paying more attention to the behavior of institutional investors and long-term holding trends, rather than short-term trading patterns. This has significant implications for investment strategy formulation.