#比特币价格走势 Bitcoin has retraced 30% from its all-time high, and this signal is worth paying attention to. While it still declined by 5% this year whereas the S&P 500 rose by 18%, this divergence has indeed created a special window—tax-loss harvesting.

From an on-chain perspective, this is not just a technical correction but also reflects the actual flow of funds. Investors holding dual assets may sell their underwater Bitcoin positions before year-end to offset stock gains, generating quantifiable trading signals. The key is to monitor on-chain transfers and exchange inflow data during this period—if large positions are activated within the tax window, clear traces will be left at the contract level.

Opportunities do exist, but before deploying on dips, two judgments are necessary: first, to confirm how much of this sell-off is driven by passive tax considerations versus active bearish sentiment; second, to observe the position changes of whale addresses, as their movements often lead the market by 2-3 weeks. If large holders are accumulating in the opposite direction at this time, that would be a more reliable signal. Short-term volatility is just data; the key is to find the true direction.