Domestic participants are liquidating their positions:

In the domestic market, many veteran participants, such as OG (veteran figures), old SP (old storage service providers), old investors (experienced investors), old hands (industry veterans), and old KOL (industry opinion leaders), have chosen to liquidate their holdings near 6U, leaving only a small amount as a souvenir. They may have based their decision on long-term observations and judgments of the domestic policy environment and market trends, believing that the risks of Filecoin have exceeded the potential rewards, leading them to exit the market and 'turn the page' to seek other investment opportunities.

Optimistic expectations from foreign markets: In stark contrast to the pessimistic attitudes of some domestic participants, foreign individuals do not consider the complex factors affecting the domestic situation and focus more on the technology and market potential of Filecoin itself. They believe that the price of FIL has significant rebound potential, and the current price level may represent a good buying opportunity. This optimistic expectation prompts them to actively participate when the price rebounds in the secondary market, driving rapid growth in the number of addresses and increasing market activity.

The alternation of new and old investors and market divergence: With the price rebound, an interesting phenomenon has emerged in the market. Some see hope, believing that if prices continue to rise, it will attract new investors. For new investors, the current price may be their starting point. However, for some old investors, the price rebound has become their selling point, as they hope to lock in profits at the right time. This divergence between buyers and sellers is vividly expressed in the market, with both sides even potentially exchanging a 'SB' (a colloquial term). But this is precisely the charm of the market; when some exit, others will surely enter, and the market is always in dynamic change and divergence.