According to Sentora analysis, Bitcoin's recent volatility has remained around 20%, demonstrating a long-term downward trend with no signs of compression in the short term. The overall market is range-bound. Meanwhile, Bitcoin's correlation with traditional financial markets is gradually increasing, particularly with the S&P 500, suggesting a potential increase in Bitcoin's sensitivity to macroeconomic conditions. Regarding on-chain costs, approximately 95% of Bitcoin addresses are currently profitable, a decrease from the all-time high of $121,000 reached in July. Data indicates that many holders who purchased Bitcoin between $116,000 and $119,000 are currently losing money, potentially creating significant resistance to future price increases.