Recently, the crypto market has indeed been somewhat quiet. Looking back at Q4, Bitcoin has fallen a total of 22.8%, even breaking below the $85,000 mark, while gold has increased by as much as 69% during the same period, forming a stark contrast. Many questions have come in—when is the right time to bottom fish, should we buy on the rebound—and today I’ll be straightforward, outlining three core signals. If you don’t see these signals before acting, it’s basically a waste.

**First Key: When Will Demand Data Warm Up**

This is the most solid indicator, with no second option. According to on-chain data analysis, since early October, Bitcoin demand growth has been consistently below historical trend levels. To put it simply, it’s like pressing the brake pedal while driving—first slowing down, then stopping, and possibly even reversing. Looking back at historical records, whenever demand growth dips below the trend, Bitcoin usually falls another 20%-30% afterward. So, if you want to buy the dip with confidence, you must wait until demand growth re-enters above the trend level—that’s the first real entry signal.

**Second Key: Fund Flows After Options Expiry**

On December 26, a large number of options contracts will expire, and this is the best opportunity to observe the market’s true attitude. Currently, the 85,000 open put options are decreasing, while there are still 100,000 open call options, which on the surface suggests some optimism in market sentiment. But that’s not the key point. What really matters is—after settlement, are big funds increasing their positions or reducing them? If call options are increasing and funds are continuing to net inflow, it indicates that institutions have genuine confidence in the future market; conversely, if not. This data will tell you very straightforwardly what the big players are thinking.