Based on on-chain data, the capital movements in spot and derivatives markets are flashing risk signals—major players have not completely fled, and there is still existing capital at the bottom. This means that the bears are not yet dominant, and extreme bearishness should be cautious. However, don't let your guard down; a pullback is indeed possible. BTC may have the opportunity to test the key support level around 94,000 in the near future. There's no need to be overly pessimistic in the short term, but be prepared for a wave adjustment. The market's rhythm still depends on the true intentions of the main players.