Summary of Bitcoin on chain data for the first week of December - Investors continue to buy, with stable emotions and no panic selling seen At this stage, I prefer to look at simple data, especially the stock data of the exchange, which is the focus of my daily reading. Although the price trend of BTC has not been good in the past two weeks, it can be clearly seen that there are still many investors buying at low prices. The stock of Bitcoin on the exchange in the past year And if we can extend the time, we can find that the current stock on the exchange is at its lowest point in the past five years. What is this concept? In the last cycle, as the price of Bitcoin increased, more BTC was transferred to the exchange. Moreover, even when it fell, many investors panicked and transferred BTC to the exchange in order to sell at a good price. The stock of Bitcoin on exchanges in the past five years And this cycle will continue until October 2024, with more investors still using BTC as a short-term investment target. However, since October, it has been completely different, especially now that whether BTC prices rise or fall, there are more investors buying. This is because more and more investors have made BTC a long-term investment target, and short-term price fluctuations will only encourage more investors to buy at low prices instead of panic selling. This is a huge shift, which could be due to ETFs increasing their investment in Bitcoin, or it could be due to the efforts of high net worth and long-term holders. Distribution of Bitcoin holdings in the past year For example, from the distribution of holdings in the past year, it can be seen that investors holding more than 10 BTC have maintained a trend of increasing their holdings throughout the year, especially since we already know that the stock of the exchange is declining. Therefore, this increase is not the wallet of the exchange, but more likely to be the buying of high net worth investors themselves, who are not sensitive to prices and are almost unaffected by them, always within a straight line range. On the contrary, small-scale investors are more severely affected by prices, and from a one-year trend, small-scale investors holding less than 10 BTC have been selling. As of now, high net worth investors hold a total of 16.524 million BTC, while small-scale investors hold 3.431 million BTC. Changes in BTC holdings held for over a year in the past year Furthermore, based on BTC data that has been held for over a year, it appears that there has been a continuous decline in the past year. Many may attribute this to the selling behavior of long-term holders, but upon analyzing the stock of the exchange, I found a strong similarity. Although it cannot be said that the reduction of holdings by long-term holders all comes from the exchange, the decline in exchange stock is indeed one of the reasons for their reduction. From this perspective, as of the first week of December, investors are still ignoring the price of buying, and the stock on the exchange continues to decline, indicating that most investors have a very stable sentiment and choose to buy at the bottom instead of panic selling when prices drop. Bitget VIP， Lower rates and more generous benefits