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Jinse Finance reported that, according to on-chain analytics platform Glassnode, during bitcoin's recent pullback below $70,000, traders engaged in significant dip buying, accumulating nearly 600,000 BTC, which is valued at approximately $42.48 billion at current prices. Of this, about 200,000 BTC were purchased in just the past two weeks. At the beginning of this year, the last time BTC was transferred within the $60,000 to $70,000 range was around 997,000 coins. After bitcoin recently fell below $70,000, this number has risen to approximately 1,558,000 coins. This means that about 8% of the current circulating supply was bought in the $60,000 to $70,000 range, forming a relatively dense cost basis area, which could become an important support level in the future.

Meanwhile, the institution has significantly raised its target price from the previous $63 to $123, demonstrating strong confidence in the company's future growth prospects.

According to Hyperinsight monitoring, the whale address 0xcac has recently shown a significant shift in its portfolio structure. Previously, this address had long engaged in neutral arbitrage operations, profiting from funding rate differences by selling BTC spot and closing short positions, or buying spot and increasing short positions. Since BTC price fell below $73,000, this address began to unilaterally increase its short positions. It currently holds approximately $11 million in ETH and BTC spot, with total short positions expanding to $34.9 million. The main positions include: a 20x leveraged BTC short position of $15.7 million at an average price of $89,900, with an unrealized profit of $4.3 million; a 10x leveraged HYPE short position of $11.8 million at an average price of $33.6, with an unrealized loss of $450,000; and a 20x leveraged ETH short position of $7.04 million at an average price of $4,011, with an unrealized profit of $6.64 million.