最新报道：According to Bijie.com on October 13th, on-chain data analyst Murphy stated that Bitcoin whales continued to increase their holdings during the decline from October 6th to 11th, demonstrating a clear trend of "buying more as the price drops." While the October 11th drop was sharp, the psychological impact on major holders was far less than the two macroeconomic events of April this year and August last year. With the continued influx of large capital, the BTC market has become more mature overall, and its response to unexpected events is no longer blind panic or a stampede. During the recent rapid decline, the rate of capital outflow has also been more moderate than in previous periods, resulting in a small bullish divergence in the "price and capital increase gradient" indicator. The difference between long and short trading volume of perpetual contracts has returned to its 90-day median, indicating that sentiment among the most sensitive speculators is returning to neutral. Compared to the extreme anxiety during BTC's first pullback to $108,000 in late August, the market now appears more balanced. Analysts do not believe this is the beginning of a major bull-to-bear cycle, as the fundamentals of the bull market remain unchanged. The biggest market uncertainty right now is Trump, whose volatile policies could trigger short-term volatility. However, one thing is certain: the impact of similar "black swan" events on Bitcoin will gradually diminish, and the market is gradually becoming less sensitive. This analysis is for educational purposes only and is not intended as investment advice.