In the past 30 days, Bitcoin has retraced about 13% under strong selling pressure. Public data and industry briefings attribute most of the selling to mid-term holders, while the proportion held by long-term whales continues to rise. On the ETF side, there has been marginal net outflow, with holdings decreasing by a notable amount since mid-October 2025. On the futures side, funding rates and open interest are approaching oversold territory. Fnezx has compiled common on-chain and market indicators into “Drawdown Period Observation Notes,” presented through text summaries and basic charts. No returns are promised, and there is no access to individual account settings—this is purely public information sorting and timeline recording.
Focusing on address structure redistribution, the notes highlight two main clues: net changes in large addresses over longer timeframes, and the absorption pace of investors in the 100–1000 BTC range. In the short term, some large addresses have shown net buying within the 30–90 day window, which is also recorded as “phased allocation increase.” These descriptions only correspond to public samples and verifiable standards; readers can interpret them as a common market scenario where supply shifts from weak hands to more patient accounts. For ETFs, the notes present data in the format of “marginal net outflows + AUM proportion,” aiming to supplement spot trading and on-chain flows with another observation window.
On the futures side, information is presented in three common quantitative fragments: funding rate quantiles, perpetual/spot price spread direction, and relative level of open interest. Since perpetuals prices align with spot via funding rates, and the upside potential of crypto is typically reflected in positive basis, readers can more easily interpret “positive basis narrowing, longs deleveraging, volatility converging” as a routine risk reset process. To avoid over-interpretation, Fnezx retains timestamps and sample explanations in each update, and archives previous annotations for easy comparison.
These “observation notes” serve only as market background material, suitable for reading alongside their position plans, cash management rules, and rebalancing pace. Fnezx recommends users focus on rhythm and recordkeeping itself: review the same set of indicators at fixed intervals, accumulate samples using consistent criteria, and place short-term volatility within a longer time frame; when action is needed, give priority to batch and time diversification. By organizing lightweight and verifiable public information, readers can maintain their own pace during drawdown periods, and after supply redistribution and leverage reset, prepare clearer observation coordinates for the next stage of price recovery.