In the past few weeks, there has been a clear shift in the Bitcoin market: selling pressure has significantly eased. According to on-chain data platform analysis, this phenomenon reflects a profound change in market participant behavior, potentially laying the groundwork for the next price movement.

Let's look at the most straightforward data first. The amount of Bitcoin deposited by large traders into exchanges has plummeted—dropping from an average of about 88,000 coins daily in mid-November to around 21,000 coins currently. What does this decline mean? It indicates that the supply of Bitcoin available for sale on the market is decreasing. During the same period, BTC rebounded from a low of $80,000 to around $94,000, which aligns perfectly with this trend.

More notably, the movements of whales deserve attention. The proportion of their deposits from peak levels has fallen by over 50%, and the size of their single deposits has also shrunk. This is not a coincidence but a signal that the entire market supply structure is undergoing a substantial change. Investors are generally making a choice: to hold rather than to sell.

Why has this shift occurred? Analysis suggests that the market experienced a bloodbath earlier. About a month ago, whales suffered their largest single-day loss since July ($645 million), followed by a total loss exceeding $3.2 billion; short-term holders have also been cutting losses with negative returns for four consecutive weeks. When most have already exited at a loss and panic has been fully unleashed, what remains are usually the holders. Historical patterns indicate that the exhaustion of panic selling is often an important signal for market bottoming.

The macro environment is also cooperating. The Federal Reserve just announced a 25 basis point rate cut, signaling a clear easing stance. For risk assets like Bitcoin, increased liquidity expectations often translate into a noticeable improvement in market sentiment.

Overall, on-chain data shows that the panic phase in the market has passed, and investors are shifting from simply digesting losses to observing and rebalancing. If selling pressure remains low and rate cuts stimulate the market, the probability of Bitcoin confirming a bottom is increasing. The market may be gradually transitioning from a "surrender sell-off" phase to a recovery phase driven by "new funds and holders."