When analyzing the Bitcoin market, on-chain data reveals unique insights into the behavior of different market participants. Large entities, typically institutional investors, make decisions based on thorough analysis and long-term outlooks. In contrast, small entities or retail investors, driven more by short-term gains and market sentiment, create smaller transaction volumes. Recently, the activity levels of these retail investors have surged. On May 18, median transaction volumes for small entities hit a notable peak in activity, suggesting heightened market enthusiasm. However, there was an unexpected development in late May that...