Changes in Bitcoin on chain data from January 1, 2025 to January 1, 2026 (II): On chain data does not show a bear market Yesterday's data mainly focused on the changes in BTC "volume" in the past year. Today, there are more detailed data that can provide a more intuitive view of the degree of change. For example, we do see that the stock of the exchange is continuously decreasing, but from the daily detailed data, we can also see that when BTC leaves the exchange, it is not achieved overnight. Regardless of whether the price of Bitcoin rises or falls, investors are withdrawing (buying) it. Green represents daily net selling (transferring to the exchange), while red represents daily net withdrawal (transferring out of the exchange). Net traffic of BTC on the exchange in the past year In the first half of 2025, with the rise of BTC prices, although buying is still the main trend, buying is still strong. This should be a period of profitable investors starting to leave. In the second half of the year, it is obvious that even in the face of higher prices, the buying volume is very strong. By the end of the year, when the price starts to hover around $80000, the selling pressure can be seen to decrease, but the buying trend still remains strong. From this data, it can be seen that after the price peak from July to October, the number of investors who choose to leave has gradually decreased, especially when the price continues to fall. The number of investors who actively sell has significantly decreased, and the reduction in holdings caused by panic is also gradually decreasing. But the buying volume continues. To put it simply, BTC at a lower price does not allow investors to sell their chips. Often, a sell-off only occurs near a new high, and there are more investors buying at a low price than selling. I don't know if it's the bottom now, but from the data, it can be seen that investors' buying sentiment is still quite optimistic. This is not something I said myself, it can be seen more clearly from the position data of the exchange in the past year. Changes in BTC's net position on the exchange in the past year This data refers to the stock changes of the exchange wallet every 30 days. Green represents the net increase in the overall balance of the exchange in the past 30 days, which means that more BTC has been transferred to the exchange and remains in the exchange system, and the available supply on the exchange side is increasing. Correspondingly, the red color represents a net decrease in the overall balance of the exchange over the past 30 days, with more BTC being withdrawn from the exchange and a contraction in the available supply on the exchange side, usually indicating a reduction in potential selling pressure on spot goods. So we can see that a large number of movements on exchanges are often a prelude to price increases. This is not difficult to understand. Buying too much will increase the gain on price increases, thereby stimulating price increases. However, compared to the previous three times, the withdrawal (buying) amount for the fourth time is still relatively low, Changes in BTC's net position on the exchange over the past four years If I continue to extend the time to the data of the past four years, I can see more clearly that almost every significant outflow in the past four years corresponds to a prelude to price increase, just by how much. Moreover, compared with the outflow in the past four years, the volume in the past two months has indeed decreased significantly, which is considered less in the low liquidity range of the past four years. So it can be boldly speculated that if there is a rebound in liquidity after 2026 and investors continue to maintain a buying trend, it will be more helpful for the rise of BTC prices. At least, it is not the situation that many people imagine a bear market where everyone is selling, but rather the buying volume can still maintain buying in the face of dog like low liquidity. In addition, you can also take a look at the most direct data to see if the miners who maintain the entire BTC ecosystem have surrendered. From the mining difficulty data of the past five years, there is no sign of miners surrendering. Even in the unfavorable year of BTC prices in 2025, the mining difficulty has increased by about 35%. The difficulty of Bitcoin mining has almost been steadily increasing in the past five years, and only in the second half of 2025 did there be explosive growth. This indicates that miners not only did not surrender, but also increased their investment. Miners still regard Bitcoin as an excellent "financial tool". Therefore, overall, the several sets of on chain data from yesterday and today did not show that Bitcoin has entered a bear market stage, at least investors and miners did not notice the panic. @bitget VIP， Lower rates and more generous benefits