Recently, there has been an interesting phenomenon in the crypto world—whenever Bitcoin reaches a new high, many people still follow the old logic: when the big coins rise, the small coins fall. But in reality, this theory has long been outdated. From on-chain data, when BTC is approaching the 90,000 level, the market’s capital flow has already undergone a significant change. This is not simply rotation, but a deeper structural adjustment. **L2 ecosystem indeed has a story to tell** Many believe that the L2 sector no longer has opportunities, but this judgment actually overlooks a key point—after Ethereum’s Cancun upgrade, the underlying infrastructure of the entire ecosystem has been gradually improved. Once BTC stabilizes, institutional funds seeking guaranteed returns will gradually flow back into liquid assets like OP and ARB. This process may seem slow, but once it starts, the elasticity can be quite substantial. **The narrative of AI and DePin combination is brewing** By 2026, the computing power demand for AI large models will experience an explosion. Projects that can combine on-chain incentive mechanisms with actual computing power supply will become the most resilient in this market cycle. Recent backtesting data shows that as long as BTC consolidates sideways, capital will continue to flow into these highly elastic AI-related sectors. **Whale rebalancing signals have already appeared** Monitoring on-chain transfers over the past 48 hours indicates that a large number of addresses are gradually taking profits from high BTC positions, while precisely flowing into several mid-cap projects with a market cap between 1 billion and 3 billion. What does this phenomenon indicate? The structural rebound rally has quietly started. **How to operate more safely** The first step is to clean up positions. Small-cap projects without real ecosystem support, maintained solely by hype, can be gradually exited, reallocating funds to more fundamentally sound L2 or AI leading projects. Secondly, focus on key support levels. If BTC can hold above 88,500, the potential for altcoins to catch up is conservatively estimated at an additional 30%-50%. Finally, focus on those ecosystem leaders that have recent mainnet updates or important roadmap releases. These projects are often the preferred choices for capital inflows.

A recent report from an on-chain analysis firm has attracted a lot of attention. They pointed out that the so-called whales hoarding大量比特币 (a large amount of Bitcoin) are not actually as疯狂 (crazy) as it seems. What is the truth? Exchanges are playing a trick—their strategy is to集中 (concentrate)大量比特币 into a few addresses, creating the illusion that whales are疯狂买买买 (buying crazily). But peeling back this layer, the actual situation is completely reversed. Excluding exchange addresses, the true whale余额 (balance) is actually持续下滑 (continuing to decline). Not only top whales are撤退 (retreating), but even中等规模的持币者 (medium-sized holders) are moving out. Especially interesting is that addresses holding 100 to 1000枚比特币 (Bitcoin) also show a declining trend. The Bitcoin in these addresses is mainly held in ETF形式 (form). In other words, what is happening in the market is:大户 (large holders) are逐步减持 (gradually reducing holdings), and institutionalized positions are replacing个人囤积 (individual hoarding). This signal is still值得琢磨 (worth pondering).