Current situation of the BTC market

Short-term: Fluctuation and repair but need to be cautious

• The rebound of BTC is driven by the recovery of the US stock market, with support at the 4-hour level (may maintain volatility over the weekend);

• The daily trend remains bearish; a stable position at key levels is needed to initiate an upward attack. The volatility is high, and it is recommended to control your position.

Sell pressure risk: Whale selling has not stopped.

• Recent long-term holders have sold 400,000 BTC (approximately $45 billion), with the sell-off spreading from super whales to medium holders;

• In mid-November, a veteran whale with a 15-year holding period sold off $1.5 billion worth of positions, and the short-term market still faces downward pressure.

Long-term: Institutional holdings provide support.

• Institutions (public companies, ETFs, etc.) hold 28.5% of BTC circulation;

• Previously, the ETF had seen a net inflow for 12 consecutive weeks, exceeding $24 billion, providing long-term support to the market.
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