#美联储降息 The selling pressure of Bitcoin has recently significantly eased — this is no small change.

You can feel it just by looking at on-chain data. The amount of BTC transferred from large holders to exchanges has dropped from an average of 88,000 coins daily in mid-November to around 21,000 now. Such a sharp decline essentially indicates that the amount of Bitcoin available for dumping is decreasing. Coincidentally, during the same period, BTC climbed from a low of $80,000 to around $94,000 — the timing perfectly aligns.

More importantly, what are the whales doing? Their deposit share has been halved from its peak, and the size of individual deposits is shrinking. This is not accidental; it’s a signal of a fundamental change in the market supply structure. Investors are showing a consistent choice: stop selling and hold.

Why has this shift happened? Simply put, the market experienced a bloodbath recently. Over a month ago, whales suffered their largest single-day loss since July ($640 million), and losses continued, exceeding $3.2 billion. Retail investors fared even worse, with four consecutive weeks of negative returns leading to forced sell-offs. After most have already exited in a bankruptcy-like manner and panic has been fully unleashed, what remains are those who grit their teeth and hold. Historical experience tells us that when panic selling dries up, it often signals a market bottom.

The macro environment is also helping. The Federal Reserve just announced a 25 basis point rate cut, and liquidity expectations have improved significantly. For risk assets like BTC, more money means more enthusiasm.

Overall, the on-chain data shows that the panic phase in the market has basically passed. Investors are shifting from purely digesting losses to holding and rebalancing. As long as selling pressure remains low and rate cuts continue to release liquidity, the probability of Bitcoin confirming a bottom increases. This wave of market action may be evolving from “desperate dumping” to a stage of “new funds and holders jointly rebounding.” $BTC