Bitcoin Market Shows Resilience Amid Recent Downturn

According to BlockBeats, on-chain data analyst Murphy has observed that during the decline from October 6 to 11, Bitcoin whales continued to increase their holdings, demonstrating a clear 'buy the dip' strategy. Despite the sharp drop on October 11, the psychological impact on major holders was less severe compared to macroeconomic events in April this year and August last year. As large capital continues to enter the market, the overall Bitcoin market is becoming more mature, reacting to sudden events with less panic and herd behavior. During the recent rapid decline, the pace of capital outflow was more moderate than in previous instances, leading to a minor bullish divergence in the 'price and capital increment gradient' indicator. The difference in perpetual contract trading volumes has returned to the 90-day median, with the most sensitive speculative groups' sentiment returning to neutral. Compared to the extreme anxiety when Bitcoin first fell to $108,000 at the end of August, the market now appears more balanced. Murphy does not believe this marks the beginning of a major cycle shift from bull to bear market, as the fundamentals of the bull market remain unchanged. The greatest uncertainty in the market currently is U.S. President Donald Trump, whose unpredictable policies could cause short-term fluctuations. However, it is certain that similar 'black swan' events will have diminishing impacts on Bitcoin, as the market gradually becomes desensitized. This analysis is intended for educational purposes and should not be considered investment advice.