Bitcoin recently returned to the $89,400 level, while gold and silver have been continuously strengthening. It seems a bit strange, right? But if you look closely at on-chain data, you'll find that big players and smart money have never stopped accumulating.

Data shows that whale addresses holding between 10 and 10,000 BTC have increased their holdings by 36,322 BTC over the past 9 days, a rise of 0.27%. In contrast, small retail addresses holding less than 0.01 BTC have reduced their holdings by 132 BTC during the same period, a decrease of 0.28%. This contrast is quite interesting—large funds are buying, while small retail investors are selling.

This kind of contrast is actually quite common. Historical experience tells us that the best window for a breakthrough in crypto assets often occurs in this situation: on one side, institutions and big players are quietly positioning, while on the other side, retail investors are cutting losses due to short-term volatility. From a technical perspective, regardless of how geopolitical situations change, this pattern of capital game itself continues to reinforce a long-term bullish technical signal. In other words, the depth of bottom buying is gradually accumulating.