Based on Bitcoin data, the turnover rate continues to decline, but the momentum is also decreasing. This indicates that investors' buying sentiment is beginning to weaken. The purchasing power driven by emotions still cannot last too long. The decline in the US stock market still prevents investors from chasing gains. Of course, early investors remain largely unchanged, continuing to adopt a wait-and-see approach. The data clearly shows that the chip structure remains very stable, but price changes are mostly influenced by short-term investors. Only during upward phases or when volatility decreases will short-term investors reduce their trading interest. For now, we should wait. A pullback around 66,922-66,627 can be used to add positions, with targets around 68,500-70,000.