Bitcoin has been around for 17 years. From the geek experiments in 2009 to today's status as the world's largest crypto asset, this journey alone is worth reflecting on.

Recently, on-chain data has become quite interesting. Trading volume and coin concentration are quietly changing—whales seem to be accumulating, exchange outflows are continuously increasing, and the market is in a delicate balance. What do these signals usually indicate? They could mean institutions are positioning, or market expectations are adjusting.

Speaking of Bitcoin's influence, its market cap share has fallen from over 90% at its peak to around 35% now, reflecting the diversification of the entire ecosystem. No one used to imagine that a digital currency could support a market worth trillions of dollars. Technological iterations are also ongoing—scaling solutions, privacy protections, and large-scale institutional entry are changing the game. Will there be new technological breakthroughs this year? It's worth watching.

But there's one point that needs to be clarified: on-chain data is just a market snapshot, not a promise of the future. Policy and regulatory changes, macroeconomic fluctuations, and institutional strategy adjustments—these factors can rewrite the price story at any time. Don't be seduced by the narrative of compound interest in history; the market always has its unpredictability.