Analyst: The enthusiasm for large capital turnover in BTC has decreased, with the on-chain single transaction amount dropping nearly 47% compared to mid-month

According to on-chain analyst Murphy (@Murphychen888), the dollar value of the average single transaction on the Bitcoin blockchain dropped from an average of $46,610 on December 14 to an average of $24,897 on December 30, a decline of nearly 47%. During the same period, the price of Bitcoin remained largely within the range of $87,000 to $88,000.

Data shows that the concentration of Bitcoin holdings has remained almost unchanged from December 25 to 30, currently standing at 14.4%. Murphy pointed out that this phenomenon indicates a decrease in the willingness of large funds to participate in trading, which may be related to U.S. investors being in holiday mode, leading to a temporary reduction in market liquidity.

The analyst stated that after liquidity gradually recovers, there are usually two scenarios:

1. The concentration of holdings continues to rise and then suddenly drops significantly after reaching a critical point;
2. The concentration of holdings drops significantly directly.