The panic index this morning refreshed at 26, slightly up by 1 point compared to yesterday. Voices in the community are once again shouting "The market is doomed," but if you carefully analyze on-chain data, you'll find that this is not the phase to panic—rather, it's a good time to quietly pick up bargains.

Simply put, the conclusion: this rebound is not a trap of pie-in-the-sky hopes, but a genuine market self-repair after sentiment hits bottom.

Why? Data speaks.

On-chain large transfer tracking over the past two days shows that multiple major addresses have been continuously entering the market within the $25,000 to $26,000 range to buy Bitcoin. The net outflow from exchanges is also increasing—this is not something retail investors can do. Institutions are moving.

Looking at the internal structure of the panic index, although the overall number still indicates "fear," breaking it down reveals that the volatility weight has already significantly recovered, meaning the momentum for a sharp decline has basically exhausted. Conversely, social media activity is trending upward, and the FOMO signs are slowly fermenting.

Market news is also cooperating. Recently, expectations for ETF approvals have been repeatedly hyped, and every time prices dip, quick buyers step in—this indirectly reflects that institutional support is much more resilient than most people think.

Of course, many people are scared after being hammered last year, and seeing the word "panic" reflexively makes them want to run. But true skilled traders rely on contrarian instincts: the more the market is highly consensus, the more accurate the contrarian signals.

If you need some operational references:

First, don’t chase MEME coins. The most vigorous rebound wave has already passed.

Second, focus on ladder-style dollar-cost averaging into Bitcoin and Ethereum. Place several orders around $25,000, letting time be your friend.

Third, keep about 30% of your position flexible. When the panic index climbs back above 40, then decide whether to add more.

This is a pattern I have repeatedly verified across multiple market cycles: bull markets break ground in despair, grow stronger amid doubt, and bow out in madness. Right now, we are in the first stage—despair is turning into opportunity.

Looking back in two weeks, whether these observations hold water will be answered by yourself.