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According to Odaily, citing monitoring by K33 Research and CryptoQuant, since Bitcoin surpassed its all-time high of $126,000, it has dropped nearly 30% within two months. On-chain data shows that the supply of Bitcoin held for at least two years has decreased by 1.6 million coins since early 2023, worth about $1.4 billion, indicating that early holders are cashing out at the fastest pace in recent years. Since the beginning of 2025, nearly $3 billion worth of Bitcoin that had been dormant for over a year has re-entered circulation. In the past 30 days, the distribution volume by long-term holders reached one of the highest levels in five years. K33 Research pointed out that about 20% of Bitcoin supply has been reactivated over the past two years. As institutional integration deepens, it is expected that the selling pressure from early holders will subside by 2026.

According to Odaily, on-chain analyst Yu Jin monitored that a whale holding a total of $700 million in long positions did not continue to add positions over the past two days. As the market declined, the whale's long positions are currently at an unrealized loss of $73.18 million. This whale holds 191,000 ETH ($540 million) in long positions, with an entry price of $3,167 and an unrealized loss of $64.28 million. The liquidation price is $2,083. The whale also holds 1,000 BTC ($86.15 million) in long positions, with an entry price of $91,506 and an unrealized loss of $5.35 million. Additionally, the whale holds 250,000 SOL ($30.83 million) in long positions, with an entry price of $137.5 and an unrealized loss of $3.55 million.

PANews reported on December 18, according to OnchainLens monitoring, as the price of HYPE fell below $25, a whale holding a HYPE (5x leverage) long position is currently facing an unrealized loss of over $19.6 million. This whale has deposited 2 million USDC to avoid liquidation; currently, the liquidation price is $20.65.