Glassnode: The decrease in "diamond hand" BTC Holdings poses greater resistance to the price rise, and the current buy the dip funds have not formed sufficient demand to absorb the sell pressure.

On October 25, Glassnode posted on social media that the non-liquid Bitcoin supply has started to decline, with approximately 62,000 BTC having been moved from long-term dormant wallets since mid-October. When the non-liquid supply decreases, more Tokens will enter the circulating market, and if there is a lack of strong new demand, the price rise trend will face greater resistance. The non-liquid supply was originally an important driving force in this cycle, but the recent reversal has broken this trend. Historically, similar supply backflow phenomena often weaken market momentum – in January 2024, there was a larger outflow of 400,000 BTC, and although the current changes are relatively mild, the trend is worth noting. Interestingly, Whale wallets have been continuously increasing their holdings during this period. Over the past 30 days, Whale Holdings have steadily grown, and there has been no large-scale selling since October 15. The continued largest outflows mainly come from wallets holding 0.1-10 BTC (approximately $10,000 to $1 million in assets). This group has maintained a net selling posture since November 2024. Momentum traders have essentially exited, while buy the dip funds have failed to form sufficient demand to absorb the selling pressure. As first-time buyers remain on the sidelines, this supply-demand imbalance will continue to suppress prices until stronger Spot demand emerges.