On-chain data has transmitted an interesting signal: institutional investors have just concluded their net selling phase and are now transforming into active buyers of Bitcoin.

How important is this shift? Just look at the historical data. The last time a similar institutional buying signal appeared, BTC subsequently rose 41%. Even more dramatically, the average gains from such signals in history have reached as high as 109%. So, the movements of institutions are indeed worth paying attention to.

Here's the recent situation: After a period of consolidation in December, these large capital flows began quietly increasing their positions. The moves by treasury companies and Bitcoin treasury fund treasuries are particularly notable, with the 30-day buy-to-sell ratio already turning positive. The market response has also been swift — Bitcoin price has rebounded to $93,800, with considerable upward momentum.

So what comes next? If institutions continue to increase their positions, Bitcoin could indeed welcome a new round of upward movement. But let's also be honest here: the market itself still carries volatility, and history is not without instances where certain signals have triggered short-term declines instead. So we must both recognize the bullish signal from institutions and prepare mentally for possible pullbacks. In summary, monitoring on-chain data and institutional movements — this is the key to understanding market rhythm.