Bitcoin has been consolidating for nearly a month after falling from its high point. Although the market remains sluggish, there has been no crash-like decline. This trend indeed reminds people of the feeling during the end of 2022.

From a technical perspective, there are several features worth noting. The weekly RSI has already fallen into the oversold zone, and the Fear & Greed Index has dropped to extreme fear levels. These data points themselves indicate that the market is heavily dominated by panic sentiment.

Moreover, based on community reactions, popularity has indeed cooled to freezing point. Those lively crypto groups that used to be bustling are now quiet, with very few discussing the market. Social media is filled with bearish voices, and apocalyptic rhetoric is everywhere. The overall market sentiment has reached a historic low.

But what's interesting is that beneath this extreme pessimism, on-chain data tells a different story. The OG-level distribution of BTC has begun to weaken gradually, and signs of institutional and large holder accumulation are becoming more apparent. More importantly, the support levels below have been effectively maintained and have not further declined.

In this context, the stark contrast between the extreme market pessimism and the quiet accumulation by whales on-chain creates an intriguing divergence.