According to ChainCatcher, CryptoQuant data shows that the BTC profit and loss index is currently hovering near its 365-day moving average, which usually represents a major adjustment or the beginning of a sustained bear market may be coming. In addition, CryptoQuant's Bitcoin bull-bear cycle indicator is also approaching a key level that indicates a bear market. The lack of growth in USDT's market value also suggests that a rebound may be difficult to achieve.
However, the data also shows that Bitcoin whales have been increasing their holdings during the recent downtrend, with whale holders increasing their holdings by 6.3% in the past month, the fastest pace since April 2023. The German government's aggressive selling also appears to be coming to an end. Other positive factors, such as the US-approved Ethereum spot ETF and the continued growth of US stock indexes, indicate that despite signs of weakness in the short term, the rise will continue in 2024.