Recently, Bitcoin's volatility has been quite interesting.

Unlike the crazy fluctuations at the beginning of the year where it would move 10% up or down in a day, the market has entered a clear consolidation phase over the past three months—volatility has dropped to its lowest point since 2023. The on-chain active addresses for Ethereum and Solana have also entered narrow ranges, indicating that the entire market seems to be holding steady.

But what is happening behind this "silence" is the key. According to on-chain data, institutional funds saw a net inflow of 47% week-over-week into BTC perpetual contracts last week. Meanwhile, the proportion of short-term speculative funds has fallen below the critical 30% mark— in other words, market influence is shifting from retail speculators to long-term institutions.

Why is this happening? The 2026 halving window is approaching, and mainstream investors are beginning to adopt a "time for space" strategy. They are no longer chasing quick profits from short-term volatility but are accumulating positions during this quiet period, waiting for the cycle.

The question is: if the Federal Reserve's policy suddenly shifts dramatically, or if on-chain computing power unexpectedly crashes below the lower limit, this gentle sideways movement could instantly turn into a one-sided plunge. Is this current silence a preparation for the next growth phase, or the last calm before confidence erodes? What do you all think?