#加密市场流动性 After reviewing VanEck's on-chain analysis, I have some new thoughts on the current market liquidity improvement.

The nearly 9% drop in Bitcoin in December was indeed uncomfortable, but what’s more worth paying attention to is the structural change behind it—large funds are accumulating 42,000 BTC on dips, reaching a new high since July, which is the real driver of the market rhythm. Retail investors' speculative leverage is being cleared out, while institutions are quietly accumulating. This shift from retail-led to corporate asset accumulation is a positive signal for the medium-term trend.

Recently, when reviewing copy trading strategies, I found that this phase particularly tests the risk preference matching of traders. If you’re following short-term speculative traders, the current volatility might increase drawdowns; but if you’re following long-term holders, their accounts are showing resilience during this adjustment period. Positioning ratios are crucial—moderately reducing follow-on weights for high-leverage traders and increasing allocations to stable holders can be beneficial.

A 4% decline in hash rate may seem concerning, but historical data shows this often precedes a rebound within 90-180 days. Coupled with reduced supply due to squeezed miner profits, the liquidity environment is improving. These signals suggest a stronger performance in Q1, provided there are no macro black swan events.

The current rhythm is about gathering strength; the real opportunities are still ahead.