Christmas is coming soon, and Bitcoin's data on the chain is still very stable, with most investors maintaining a wait-and-see attitude. From the stock data of the exchange, although the price of BTC has not steadily returned to $90000, the sentiment of the holders is not only not panic, but also gradually withdrawing BTC from the exchange. This situation can be seen as buying more than selling, and on the other hand, it can be clearly seen that the sentiment of most holders is very stable and not sensitive to short-term price changes. According to the data, the stock of the exchange has decreased by about 30000 BTC in the past week Because if there is concern about the economy entering a recession or the risk market entering a bear market, the selling of BTC will increase, the number of transfers to exchanges will rise, and the withdrawal data from exchanges will decrease. However, we have not seen this situation yet. On the contrary, although the price fluctuates, the number of investors who buy is significantly greater than those who are waiting to sell or have already sold. According to the data transferred out of the exchange in the past week, investors' willingness to sell is decreasing In addition, we also know that spot ETFs have been experiencing net outflows for a long time, so the amount reduced by the exchange is almost not due to the buying of ETF institutions. This part is likely to be the buying of high net worth investors. From the data, investors who hold more than 10 BTC in the past year have maintained a trend of increasing their holdings, while small-scale investors who hold less than 10 BTC have shown a clear selling trend. High net worth investors' purchases are not significantly affected by prices Small scale investors are influenced by political, economic, environmental, and price factors, especially in times of market instability. They tend to be more cautious and have been in a selling state since March 2025 until now. Relatively speaking, high net worth investors are less affected by external factors, and their buying rhythm is highly consistent regardless of price fluctuations. In fact, from the position data of the exchange, it can be seen that there have been three large-scale buying waves in the past year, almost all of which have driven BTC prices to temporary historical highs. Currently, it feels that the fourth buying wave is brewing. We are currently brewing our fourth buying wave Although I cannot say that this buying frenzy will definitely drive up BTC prices, the decrease in exchange stock is a fact that is undeniable. The net inflow and outflow of positions throughout the year are almost negligible, and investors' belief in long-term holding is strengthening. It can be clearly seen that buying at the bottom during this decline is still quite obvious. @bitget VIP， Lower rates and more generous benefits