BTC on-chain signal update: The CDD Multiple index has dropped, indicating that long-term holders haven't sold much during this period. When oscillating around 109K, large investors were instead hoarding coins, which means short-term selling pressure has significantly decreased. Historically, when old coins remain inactive and the market enters a low-damage period, it is usually a good signal to accumulate. Subsequently, follow the capital flow to the exchange and the realization metrics; if the demand side keeps up, this could be a signal of an accumulation period.