12 月 21 日，数据分析师 Murphy 表示，链上数据观察到情绪修复迹象。30 天内从「持有 BTC」转变为「完全清仓」的地址数量曾在 11 月 13 日至 25 日激增，同期 BTC 价格下跌速度最快，幅度最大，大量清仓地址的背后也折射出市场情绪的恐慌与悲观。
然而此后 12 月 1 至 18 日期间 BTC 反复探底，清仓地址数开始减少，也与期货市场显示的多头行为和情绪变化完全吻合。

<div><p>12 月 21 日，数据分析师 Murphy 表示，链上数据观察到情绪修复迹象。30 天内从「持有 BTC」转变为「完全清仓」的地址数量曾在 11 月 13 日至 25 日激增，同期 BTC 价格下跌速度最快，幅度最大，大量清仓地址的背后也折射出市场情绪的恐慌与悲观。</p><p>然而此后 12 月 1 至 18 日期间 BTC 反复探底，清仓地址数开始减少，也与期货市场显示的多头行为和情绪变化完全吻合。</p></div>

分析：链上数据显示情绪修复，BTC清仓地址数开始减少

On December 21, data analyst Murphy stated that on-chain data showed signs of sentiment recovery. The number of addresses that switched from "holding BTC" to "completely liquidating" within 30 days surged between November 13 and 25, coinciding with the fastest and largest drop in BTC price during that period. This surge in liquidations reflected market panic and pessimism.

However, between December 1 and 18, BTC repeatedly tested lower levels, and the number of liquidation addresses began to decrease, perfectly aligning with bullish behavior and sentiment changes observed in the futures market.

<div><p>On December 21, data analyst Murphy stated that on-chain data showed signs of sentiment recovery. The number of addresses that switched from &quot;holding BTC&quot; to &quot;completely liquidating&quot; within 30 days surged between November 13 and 25, during which time the price of BTC fell the fastest and the largest. The large number of liquidation addresses also reflected the panic and pessimism in market sentiment.</p><p> However, from December 1st to 18th, BTC repeatedly tested the bottom, and the number of liquidation addresses began to decrease, which perfectly matched the bullish behavior and sentiment changes shown in the futures market.</p></div>

Analysis: On-chain data shows sentiment recovery, and the number of BTC liquidation addresses has begun to decrease.

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...

Tom Lee responds to Fundstrat's "contradictory" views on Bitcoin: Different positions, different timelines, not internal disagreements.

Source: Galaxy Research
Translation: Jinse Finance
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakout after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged liquidations, and the actions of whale...

Galaxy: 26 Predictions for the Crypto Market in 2026

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December 23rd

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