#比特币价格目标 I noticed that the on-chain data shows the exchange BTC balance has fallen to a new low of 2.936 million coins, and I have some thoughts I'd like to share with everyone.

This number actually tells an interesting story - more Bitcoin is flowing from exchanges to on-chain reserves, and this transfer usually indicates a subtle shift in the mindset of holders. Particularly for large holders with positions over a million dollars, their behavior often reflects deeper signals in the market.

I noticed that the current situation is similar to the balance levels after the FTX crash at the end of 2022, but the context is completely different. At that time, it was driven by panic-driven outflows, whereas now it is more about choices based on long-term holding. This reminds us that the key to understanding data is not to look at the numbers themselves, but to understand the changes in people's sentiments behind the numbers.

From the perspective of position management, I want to emphasize that regardless of how the market fluctuates, the most important thing is to always be clear about your holding plan and psychological expectations. The market may open up upward space, but this should not be a reason for us to hastily increase leverage or chase highs. The prudent approach is always to maintain a reasonable risk exposure and let time validate our judgment.

The power of the market comes from the convergence of choices made by numerous participants, and the only thing you can control is your own pace.