BlockBeats news, on December 21, data analyst Murphy stated that on-chain data observed signs of sentiment recovery. The number of addresses that shifted from “holding BTC” to “closing all positions” surged from November 13 to 25, during which period BTC price fell at the fastest rate and the largest magnitude, reflecting the panic and pessimism of market sentiment behind a large number of closing positions. However, from December 1 to 18, BTC repeatedly tested the bottom, and the number of closing positions began to decrease, which completely coincides with the bullish behavior and sentiment changes indicated by the futures market.
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