Market Dry Powder: Waiting on the Sidelines "Is the capital currently sitting on the sidelines of the crypto market actually waiting for progress on the US CLARITY Act?" To verify this hypothesis raised by an influencer, I analyzed on-chain data using Nansen AI. The analysis revealed some interesting facts. While market participants are refraining from active trading, they are not withdrawing their funds from the market completely. Instead, they are retaining significant capital on-chain, quietly waiting for an opportunity. This is the true nature of the so-called "dry powder" (waiting capital) currently stagnating in the market. Why is the capital stagnant? The view that the US "CLARITY Act" is a decisive factor is compelling. For institutional investors, entering a legal gray zone carries litigation risk, forcing them to be cautious. Conversely, once the regulatory framework is clarified, there is potential for capital to flood in like a dam breaking. According to Nansen AI's analysis of "Smart Money" (institutional and large-scale investors), their movements indicate not a complete withdrawal, but rather a stance of "cashing out and waiting." Stablecoin Accumulation On the ETH chain, stablecoin holdings by Smart Money have reached $82.8M (+5.4% day-over-day). A net inflow of $116M was also confirmed on the Solana chain. This indicates that funds are not returning to fiat currency but are waiting on-chain for "marching orders." ETH Exchange Outflows and Support Approximately $1.2B worth of ETH flowed out of exchanges. This suggests a decrease in selling pressure. At the same time, buying activity worth $134.9M by smart traders has been confirmed. Capital Concentration in SOL The allocation to Solana is particularly notable. Smart Money holdings of SOL surged by +84.1% in just 24 hours. It is impossible to determine with certainty where this massive amount of dry powder will head next. However, if there is progress toward the passage of the bill by the end of February 2026, I believe the scenario where this dammed-up capital is rapidly reallocated to major assets like ETH and SOL is entirely realistic.