Analysis: Currently, the market is characterized by cautious investor sentiment, and the future trend can be guided by whale activity.

BlockBeats News, September 16th, On-chain data analyst Murphy stated that since September 11th, almost all on-chain hodler groups have been in a "neutral state," with neither rapid distribution nor significant accumulation. During the 8/29-9/9 period, the whale group holding 1,000-10,000 BTC still maintained a certain degree of accumulation, but now the pace is gradually slowing down.

This neutral behavior also indicates that the current market sentiment is caught between optimism and anxiety, with more investors remaining cautious and observant. In history, many market turning points have seen similar data. By considering the behavior of whale groups in January and April this year, it is suggested to assess the subsequent trend of the crypto market.