Looking at the on-chain data trends, it appears that the long-term holders of BTC are mostly maintaining stable positions, while the frequent movements are primarily driven by short-term speculative funds. Under this pattern, the market's actual panic sentiment isn't as intense as it might seem on the surface.

Regarding the recent tariff discussions, I tend to believe this is just short-term market noise. Trump's actions can be better understood as leverage at the negotiation table rather than an actual intention to start a trade war. The market's reaction has indeed been somewhat overinterpreted.

From a technical perspective, BTC is heavily accumulated in the price range of $83,000 to $92,000. This has formed a solid support zone that is unlikely to be broken in the short term. Large position holders are probably waiting for higher levels before considering profit-taking.

Viewing from another angle, such a distribution of chips is actually quite healthy. There is no sign of a large-scale sell-off or institutional fund withdrawal. The issue may simply be that it takes enough time to digest these profit-taking positions.

Ultimately, the current Bitcoin ecosystem is no longer dominated by retail investors. With such a high proportion of institutional funds, their decision-making pace is definitely much slower than that of ordinary investors.