On-chain data analysis shows that since early December, when the price of Bitcoin briefly fell below $95,000, large wallet addresses holding 1,000 to 10,000 BTC have cumulatively increased their holdings by 34,000 Bitcoins. Calculated at the current price of $90,344, the total value is approximately $3.07 billion. Such large-scale accumulation is typically led by institutional investors or high-net-worth individuals, indicating a professional optimism about the market outlook.

Exchange BTC reserve data provides corroborative evidence. Within 30 days, the exchange BTC stock has continuously declined from 2.79 million to 2.75 million, with a net outflow of 40,000 Bitcoins, worth over $3.6 billion. Investors are withdrawing Bitcoin from exchanges to cold wallets or custody services. This behavior usually signifies an intention for long-term holding rather than short-term trading. Historically, every significant decline in exchange reserves has been accompanied by rising prices.

HODL Waves data reveals more detailed changes in holding structures. The 2 to 5-year holding segment has shown a significant contraction, with the 3 to 5-year segment's share dropping from 11% to 8%, and the 2 to 3-year segment from 3% to 2.5%. This indicates that some long-term holders are choosing to take profits at current price levels. Meanwhile, the proportion of short-term holdings within 3 months has risen to 40%, with new funds continuously flowing in, driving the holding structure to become younger.

The proportion of unrealized losses is noteworthy. Currently, the proportion of unrealized losses for Bitcoin stands at 4.4%, marking a two-year high. This means a considerable number of holders are in a state of paper loss, typically occurring after significant price adjustments. If these loss-holding investors choose to cut their losses, it will create additional selling pressure. However, historical experience indicates that high unrealized losses often signal market bottoms, and steadfast investors will ultimately enjoy a rebound.

Dogecoin's on-chain activity is also noteworthy. On December 14, the number of active addresses reached 71,589, setting a three-month high. Whales accumulated 480 million DOGE between December 2 and 4, worth approximately $7 million. Although the price is still struggling below the resistance level of $0.1409, the warming of on-chain activity suggests the potential for a breakout. As the leading meme coin, DOGE's performance often leads overall market sentiment.