Recent on-chain data clearly shows that Bitcoin whales are starting to return to the buy side. According to Glassnode's Long-Term Holder Net Position Change indicator, over the past 30 days, long-term holders' BTC holdings have increased by approximately 10,700 coins, marking the first positive shift since July 2025. Prior to this, in the previous months, long-term holders had been continuously reducing their holdings and distributing coins.

Meanwhile, BTC outflows from exchanges have also been ongoing, indicating that short-term selling pressure is weakening, and more coins are being transferred to long-term holdings rather than being prepared for immediate sale.

Combining these data points, it is not surprising to see a phased bottom around the 80,000 level. Some whales who sold Bitcoin between July and November are now making defensive replenishments at the current level, mainly to avoid the risk of "price no longer deepening in decline." This behavior is quite common, and in terms of quantity, it is not considered aggressive accumulation.

My view on this:
A phased bottom around 80,000 BTC is quite normal. The whales who sold Bitcoin between July and November are making defensive buys to avoid extreme scenarios where Bitcoin cannot further decline, which is entirely reasonable. Moreover, the amount involved is not large. I still believe that a phased bottom and a future rally (for example, reaching 98,000 or 106,000) are entirely possible. However, in the medium to long term, the market remains bearish unless substantial positive factors like large-scale QE implementation materialize.