From on-chain data, a recent interesting phenomenon has emerged in the market: the speed of capital inflow has significantly slowed down, while long-term holders are accelerating their liquidation and stop-loss. The collision of these two forces causes the price to repeatedly fluctuate within a narrow range, appearing particularly weak. Fundamentally, investors, after such a long wait, have become noticeably exhausted in their mindset. This situation of cold capital flow and loosening holder sentiment is a typical characteristic of the late stage of a bear market. The change in market structure is worth paying attention to, as it often signals a turning point in the next phase.