PANews, December 26 news, according to Cryptoslate, based on CryptoQuant data, the demand for accumulating Bitcoin addresses has grown significantly during December, with a net increase of 225,280 BTC held by these investors as of December 23, a monthly increase of 82.6%. At the same time, the total selling liquidity (i.e., the amount of Bitcoin available for sale) in exchanges and ETFs has decreased by about 590,000 BTC. It is worth noting that the easing of this selling pressure is closely related to the sharp decrease of 520,000 BTC in the amount of Bitcoin prepared for sale during the period of December 22-23. The report also pointed out that the supply of Bitcoin on OTC counters, which handle large transactions, has decreased from 421,000 to 403,000, indicating that investor demand is effectively absorbing the selling pressure. Furthermore, the liquidity inventory ratio has decreased from 12 months in December to 5.5 months, further proving that the speed at which the current supply is meeting investor demand is accelerating.
CryptoQuant data also revealed that as of December 23, "whales" holding more than 1,000 BTC have sold nearly 8,600 BTC this month. However, this supply pressure has been absorbed by new investors, with the number of short-term holders increasing by 3% in the past week. Over the past year, short-term holders have accumulated a total of 641,789 BTC, with a total holding of 3.81 million BTC, only 70,000 BTC lower than the historical high on December 15.
Although BTC has retraced 14.2% after reaching a new all-time high of $108,000 on December 17, it still meets the analysts' predictions that it will continue to rise after a period of calm. However, CryptoQuant community analyst Onatt reminds investors to remain cautious, as the USDT supply in exchanges is decreasing, while the BTC supply is slightly increasing. This trend may not indicate a long-term bearish phase, but it does suggest the possibility of further downside risk in the coming days.
