Glassnode data indicates a systematic behavior of Bitcoin whales (entities holding between 1k and 10k BTC). Since the beginning of December, this group has been selling or redistributing its holdings. This behavior is consistent with the 'cycle' theory, where old whales take profits after reaching historical peaks (126k in October) and distribute them to new market participants. This selling pressure from whales is the main reason for the price's inability to recover quickly, as every new purchase request faces an available supply from old wallets.
