The market trend over the past month contains some interesting signals—Bitcoin has been rising for 5 consecutive days, yet social media is filled with bearish voices.

By digging into Santiment's on-chain data, a contrasting phenomenon is indeed observed: the larger the price increase, the more concentrated the pessimistic sentiments among retail investors. Phrases like "the bear market isn't over yet" and "sell on the rebound" are everywhere, but at the same time, whales are quietly adding positions.

#美国就业数据不及预期 $BTC $BNB before this rebound, the market accumulated nearly 10 days of extreme panic. Looking back at history—last March's crash, the entire internet was in despair, yet BTC later tripled in value. The current atmosphere does seem somewhat similar.

Retail investor sentiment has always been a contrarian indicator. When everyone is saying "sell on the rebound," it can actually be a signal—many smart money players may already be positioning themselves. The greater the pressure, the stronger the rebound, and this principle is clearly reflected in on-chain data.

Opportunities in the market often hide when everyone is most hopeless. Maintaining logic amid noise and persisting in observation despite doubts—that's the key.

*Disclaimer: This is only a record of market sentiment observation and does not constitute investment advice.*