Bitcoin Whales Unload $3.4B in December; BTC Stalls at $92K Resistance: Glassnode

Core Insights - Bitcoin's largest non-exchange holders, specifically the 10,000 to 100,000 BTC cohort, have sold or redistributed approximately 36,500 BTC (around $3.4 billion) since December 1, indicating a shift from accumulation to distribution [1][6] - Bitcoin is currently facing resistance at the $94,000 level, trading at $92,250 (-0.2%) during early Asian session on Friday [1] - A significant decline in stablecoin liquidity, with a 50% drop in inflows since August, suggests a lack of fresh capital support for Bitcoin to break above $100,000 [3] Market Dynamics - The market depth is thinning, and Bitcoin is trading steadily near $92,000 as it digests the Federal Reserve's rate cut and plans to inject liquidity through monthly purchases of $40 billion in Treasury bills [3] - Bitcoin and Ethereum ETFs have seen over $610 million in inflows in the past two days, indicating growing confidence among investors [4] - For Bitcoin to approach the $100,000 mark, a daily close above $94,140 is crucial, with $90,000 serving as immediate support [4] Support and Volatility - Bitcoin is currently testing the $88,000 support level, with the $3.4 billion outflow from the 10,000-100,000 BTC cohort and the 50% drop in stablecoin reserves suggesting that the current price range ($88k-$94k) is being used for distribution rather than accumulation [5] - Increased volatility is expected if Bitcoin loses the $88,000 support handle [5]