What is the current state of Bitcoin? Looking at the data on the chain, Bitcoin has not shown any obvious panic escape, but the market heat has not returned yet. Several key indicators: The active addresses on the chain are still significantly lower than the peak level in 2021. At the end of July, due to wallet migration related activities, the activity briefly approached 1 million, but then fell back, more like an event fluctuation, which does not represent a large-scale influx of new users. The growth of new addresses is still weak, indicating that there has not been a significant increase in new market participants. The exchange balance is about 2.72 million BTC, still at a relatively low historical level, indicating that a large number of chips are still in the hands of off chain or long-term holders. There are approximately 2000-2050 addresses holding over 1000 BTC, and no significant unilateral increase or decrease in holdings by major players has been observed. The current price is about 64000-64500 US dollars, with a market value of about 1.28-1.29 trillion US dollars, accounting for about 57% of the market. The panic and greed index is in the range of 25-37, and the sentiment remains cautious. So the current market situation is more like: The price has not collapsed, but the participation is insufficient; The holders haven't left yet, and new funds haven't clearly come in yet. This is different from the frenzy period of a bull market, nor is it like the extreme panic at the end of a bear market. It is more like the market entering a cooling and waiting stage after experiencing a high speculative cycle. In the long run, there are still two narratives worth noting about Bitcoin: One is the security challenges that quantum computing may bring, especially the potential risks of partially exposed public key addresses; Another is the demand for neutral, global, and permissionless settlement networks in the AI era, which may enhance the value of decentralized financial infrastructure. But these long-term stories have not yet been fully translated into real needs on the chain. What needs to be observed in the short term is not whether the story is big enough, but rather: Whether the activity level has risen again, whether new users have re entered, and whether funds have started to flow in proactively. The market will ultimately vote with data. At present, Bitcoin seems to be waiting for the next real wave of participation. (Data reference: AiCoin, for observation only, does not constitute investment advice) What do you think of the current status of BTC?