The balance of CEX on-site #BTC has shown a significant rebound after hitting a historical low last week. Recent data shows that the balances and capital flows of various CEX Bitcoin wallets are different, with an outflow state over the past 30 days, while in the short term, the last 7 days have shown a net inflow. The market funds are diverging, with some investors possibly selling at highs and others buying at lows.
Since December 19, the CEX on-site BTC balance has rebounded significantly, which is closely related to the drop in BTC prices following the hawkish interest rate decision on #美联储会议 last week. We speculate that this may be due to leading funds choosing to take profits and reduce holdings at relatively high levels to prevent market uncertainty, causing some selling pressure and leading to a market pullback.
Another piece of data can also help verify this, as the acceleration of BTC selling behavior over the past 30 days indicates that holding BTC is no longer the default behavior for all market participants. The short-term holder supply ratio of #长期持有者 has dropped to 3.78, the lowest level in this cycle, indicating increased trading activity in the market. #短期持有者 is more active, and the market sentiment is complex and changeable, with investors showing divergence regarding the future trend of Bitcoin.

Yesterday we talked about #长期持有者 #hodl holding #BTC☀ , which accounts for approximately 69% of the circulating supply, while currently about 16.6% of the Bitcoin supply is held by #短期持有者 . With new capital inflows, there may be more new funds entering the Bitcoin market in the future. Historical data reference: In 2021 and 2017, when BTC peaked, short-term holders held 25% and 70% of the circulating supply.