Analysis: On-chain data shows a recovery in market sentiment, with the number of BTC withdrawal addresses starting to decrease

BlockBeats News, December 21st, Data analyst Murphy stated that on-chain data has seen signs of sentiment recovery. The number of addresses that switched from "HODLing BTC" to "completely exiting the market" within 30 days had surged between November 13th and 25th, during which the BTC price experienced its fastest and most significant decline. The increase in these sell-off addresses reflected the market's panic and pessimism.

However, starting from December 1st to the 18th, as BTC repeatedly tested its bottom, the number of sell-off addresses started to decrease, aligning perfectly with the bullish behavior and sentiment shift seen in the futures market.