Bitcoin has fallen back from above 94,000 and has recently faced bearish pressure around the 90,000 level. Interestingly, although the price is in a correction phase, on-chain capital flows are continuing to strengthen—7-day, 30-day, 60-day, and 180-day full-cycle capital indicators have all hit new historical highs. This phenomenon of price decline coupled with record-breaking capital metrics often signals the arrival of an accumulation phase. In the short term, there may be volatility, but from a capital perspective, the movements of large holders and institutions are worth watching.