Author: Martin
Recently, Bitcoin has once again broken through $120,000, and on-chain data has quietly released positive signals. Data from multiple sources, including Glassnode, indicates that the selling pressure from the whales that previously led the market is weakening, and new structural demand is gradually emerging, laying the foundation for the next round of Bitcoin's rise.
Whale Selling Pressure Eases, Market Pressure Weakens
The selling behavior of Bitcoin whales has noticeably slowed down recently. According to Glassnode's Accumulation Trend Score data, all wallet groups (ranging from those holding less than 1 BTC to whales holding over 10,000 BTC) have shown a tendency to distribute (sell), particularly the selling from large holders was once very aggressive.
Market analysis suggests that this widespread selling trend may be undergoing a transformation, as the selling pressure from whales has been significantly released, creating conditions for market stabilization.
New Structural Demand is Accumulating
As whale selling slows down, the market is forming a new demand foundation. On one hand, the cost basis concentration area for Bitcoin has formed an important support zone in the $93,000 to $110,000 range, where chips have been continuously accumulated since December 2024, showing strong support.
On the other hand, institutional confidence in Bitcoin's long-term prospects has not diminished. Data shows that some strategic entities are continuously increasing their Bitcoin holdings. Despite short-term price fluctuations, the market has not entered an extreme panic phase, and the investor structure remains relatively healthy.
Market Liquidity Significantly Improves, Laying the Foundation for an Upsurge
It is noteworthy that the liquidity in the Bitcoin market is vastly different from before. Previously, early Bitcoin holders cleared over 80,000 Bitcoins (worth about $9 billion) through Galaxy Digital, but the market only experienced a brief fluctuation before quickly rebounding.
This phenomenon indicates that the depth and liquidity of the Bitcoin market have significantly improved, capable of absorbing large-scale sell-offs without triggering panic declines. With the U.S. Securities and Exchange Commission (SEC) planning to introduce "innovation exemptions" for cryptocurrency companies, and the trading volume of Ethereum spot ETFs rising to 15%, the integration of traditional financial channels with crypto assets is continuing to deepen.
Ready to Take Off, Awaiting a New Cycle
In summary, the Bitcoin market is at a critical juncture of transitioning between old and new momentum. The easing of whale selling pressure and the accumulation of new structural demand together provide direction for the market's next steps.
With the optimization of market structure and the strengthening of underlying support, Bitcoin may be brewing a new round of upward momentum. For investors, focusing on the real signals revealed by on-chain data, rather than short-term price fluctuations, may be key to grasping future trends.
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