[Analyst Says BTC On-Chain Behavior Shows End-of-Cycle Characteristics, Plunge Attributed to Liquidity and Position Adjustments] On the morning of December 1, as Bitcoin fell below the $86,000 mark, on-chain wallet behavior showed divergence: large holders slowed their accumulation, while small retail wallets accelerated their buying. BRN Research Director Timothy Misir stated that this divergence is typical of end-of-cycle patterns and could exacerbate short-term market vulnerability. Misir pointed out that this morning's drop was a liquidity and position adjustment event, and the market has not yet signaled a trend reversal, though pressure is evident. Additionally, short-term holders saw a sharp increase in losses, and exchange balances along with stablecoin inflows indicate that the market still has buying power, but potential sell-side liquidity remains.