There are two key purposes behind the volatile market: On the one hand, it is to clean up the chips, and with the help of the drastic price fluctuations, those leeks who are not firm in their beliefs will sell off and leave the market; On the other hand, it is to test the loyalty of the chips, find out the stability of the remaining chips, and ensure that there will be no impact of a large-scale sell-off when the subsequent pull-up market is opened. Looking at the flow of funds, institutions are currently leading and retail investors are leaving the market. The data clearly shows that although the trading volume of Ethereum has declined, a large amount of funds have poured into the market through ETFs. The main force of these new funds cannot be retail investors, but institutions. It is obvious that the market chips are gradually gathering into the pockets of more stable and powerful "strong hands", accumulating strength for the subsequent outbreak of the market. After reviewing the previous bull market, we can find that these recent callback cycles are the only way for the market to move towards stable and sustainable development. Once the cleaning and chip turnover process is successfully completed, the market will surely usher in a new round of take-off. For Ethereum and mainstream altcoins, 2025 is undoubtedly the year with the most opportunities, and January is the beginning of the final sprint of this bull market.

#比特币走势观察 #比特币战略储备 #2025有哪些关键叙事？