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BlockBeats News, December 17 — Research and brokerage firm K33 stated in a report released yesterday that the selling pressure from long-term bitcoin holders is approaching saturation after years of distribution, and the on-chain selling pressure is expected to gradually ease. Vetle Lunde, Head of Research at K33, pointed out that since 2024, the supply of bitcoin held for more than two years has been continuously declining, with about 1.6 million BTC being reactivated and flowing into the market. At current prices, this is worth approximately $138 billion, reflecting ongoing on-chain sales by early holders. Lunde believes that this scale has clearly exceeded what can be explained by technical migrations or structural adjustments, indicating substantial distribution activity. The report states that 2024 and 2025 will become the second and third highest years in bitcoin’s history for the scale of long-term supply recirculation, second only to 2017. Unlike the distribution cycle in 2017, which was driven by ICOs, altcoin trading, and incentive mechanisms, this round of selling is more about long-term holders directly realizing deep liquidity gains through US bitcoin spot ETFs and corporate treasury demand. Looking ahead, K33 expects selling pressure to gradually diminish. Lunde stated that about 20% of bitcoin supply has been reactivated over the past two years, and on-chain selling pressure is likely approaching saturation. The supply of bitcoin held for more than two years may end its current downward trend by 2026 and remain above the current level of approximately 12.16 million BTC. In addition, K33 pointed out the potential asset allocation rebalancing effects at the end of quarters and the beginning of new quarters. Given that bitcoin significantly underperformed other assets in the fourth quarter, funds with fixed allocation ratios may rebalance at the end of the year and the beginning of next year, potentially bringing periodic capital inflows to the market.

In Q3 2025, BNB Chain's market capitalization increased by 51.6% quarter-on-quarter to $140.4 billions, ranking fifth in the crypto market. The total value locked (TVL) in DeFi grew by 30.7% to $7.8 billions, surpassing Tron and rising to third place. The network's stablecoin market capitalization increased by 32.3% to $13.9 billions, with USDT accounting for 57.4%. USDe grew more than tenfold quarter-on-quarter to $430 millions, and USDF increased to $360 millions.

PANews, December 17 – According to the latest report from Messari, in Q3 2025, BNB Chain's market capitalization increased by 51.6% quarter-on-quarter to $140.4 billion, ranking fifth among cryptocurrencies by market cap. The total value locked (TVL) in DeFi grew by 30.7% to $7.8 billion, surpassing Tron to take third place. The market cap of stablecoins rose by 32.3% to $13.9 billion, with USDT accounting for 57.4%. USDe surged more than tenfold quarter-on-quarter to $430 million, and USDF increased to $360 million.