Bitcoin accumulator addresses acquire 225k BTC in December amid significant sell pressure

Bitcoin’s (BTC) accumulator addresses showed a crisp summation successful request during December, with 225,280 BTC successful nett acquisitions by these investors arsenic of Dec. 23, according to CryptoQuant.

The question represents an 82.6% monthly increase. 

On the different hand, full sell-side liquidity — the magnitude of Bitcoin disposable for selling successful exchanges and exchange-traded funds — fell by astir 590,000 BTC during the aforesaid period. 

Notably, this diminution successful selling unit relates to a steep contraction betwixt Dec. 22 and Dec. 23, erstwhile the magnitude of Bitcoin acceptable for selling fell by 520,000 BTC.

Demand absorbs merchantability pressure

According to the report, the proviso connected over-the-counter (OTC) trading desks, which process ample trades, is down from implicit 421,000 BTC to 403,000 BTC. These numbers suggest that capitalist request volition proceed to sorb merchantability pressure.

Additionally, the liquidity inventory ratio, which measures however accelerated existent proviso tin capable investors’ demand, fell from 12 months to 5.5 months successful December.

CryptoQuant information besides revealed that Bitcoin whales, addresses holding much than 1,000 BTC, sold astir 8,600 BTC this period arsenic of Dec. 23.

However, caller investors are absorbing this supply, with the fig of short-term holders expanding by 3% implicit the past week. Short-term holders person accumulated 641,789 BTC implicit the past year, bringing their full holdings to 3.81 cardinal BTC — conscionable 70,000 BTC beneath the all-time precocious recorded connected Dec. 15.

Potential short-term downside

Despite Bitcoin showing a correction of up to 14.2% since hitting its all-time precocious astatine implicit $108,000 connected Dec. 17, it is connected way to analysts’ predictions to regain composure and resume its upward movement.

However, CryptoQuant assemblage expert Onatt recommended caution, arsenic the proviso of Tether USD (USDT) successful exchanges is decreasing portion the proviso of BTC is somewhat increasing.

While this whitethorn not awesome a prolonged bearish phase, it could bespeak the imaginable for further downside successful the coming days.

The station Bitcoin accumulator addresses get 225k BTC successful December amid important merchantability pressure appeared archetypal connected CryptoSlate.