Many traders have made the same mistake—thinking that as long as the price remains steady, the market is fine. This intuition is actually very dangerous because it treats the outcome as the cause.

True risk changes often occur before price movements. When the candlesticks are still sideways or slightly oscillating, on-chain signals are already beginning to be released.

**Chips are loosening**. You will find that long-term holders are no longer accumulating, and old chips are starting to shift to short-term accounts. It looks like liquidity is still okay, but in reality, the market's stability is already declining.

**Profit concentration has become a ticking time bomb**. When a large amount of chips are in profit, even a small pullback can trigger a wave of profit-taking. The market's tolerance for volatility also decreases accordingly.

**Funds are starting to hesitate**. The growth rate of stablecoins is slowing down, and on-chain turnover is decreasing. This indicates that the market isn't out of money, but money is beginning to wait and see, not rushing to attack.

Prices haven't fallen, but the structure has already become fragile. This is the most overlooked dangerous phase.

It may seem like there are no crashes, no panic, and occasional rebounds give a sense of safety. But in reality, risks are quietly accumulating, and emotions haven't caught up.

True risk doesn't only appear during a crash. It often lurks when emotions are most stable, volatility is minimal, and most people think "nothing will happen." This is precisely the window where the structure is most vulnerable to being broken.