BlockBeats News, December 4, according to The Block, BRN Research analysts stated that despite limited spot momentum, Bitcoin's fundamental structure is steadily improving. BRN Head of Research Timothy Misir pointed out that, according to data from CryptoQuant and Glassnode, exchange balances have dropped to about 1.8 million BTC, the lowest level since 2017. Bitcoin’s realized market capitalization (monthly growth) remains positive, indicating that even as the overall market trades within a consolidation range, new capital continues to flow into BTC. Misir stated: "The market opened steadily and strongly, accumulation buying continues, exchange supply is decreasing, and the price is stabilizing above the real market average. What is currently lacking is a breakthrough of 96,000

On December 1st, during the Asian early session, the price of Bitcoin fell nearly 5%, dropping below $87,000, erasing recent gains. This decline is mainly attributed to the surge in Japanese government bond yields, which triggered a risk aversion sentiment, coupled with low trading volume leading to severe market liquidity shortages. Data shows that Bitcoin has moved down from the $91,000 consolidation range, with the total market capitalization of Crypto Assets evaporating by about $150 billion. 10x Research pointed out that the crypto market experienced its lowest trading volume week since July, with a thin order book unable to withstand institutional selling pressure, causing the price decline to evolve from a technical correction into a liquidity crisis. BRN research director Timothy Misir stated that this is not a controlled correction, but rather a liquidity shock caused by position adjustments and macro re-pricing. In November, Bitcoin's market capitalization fell by nearly 18%, and market momentum quickly reversed, forcing leveraged long positions to be liquidated.

Timothy Misir, the research director of BRN, stated that the big dump in the crypto market on Friday pushed the fear and greed index to 11, indicating "extreme fear" in the market. Misir pointed out that as the market capitalization of the entire crypto assets dropped to its lowest point since the second quarter of 2025, liquidity "has almost completely disappeared." After Bitcoin fell below the average of active investors, the market focus shifted to the real market average of $81,900—this is a long-term cost basis accumulation point that he describes as "the next important threshold before a full confirmation of the bear market."

Odaily News Bitcoin is currently hovering in a fragile area just above $90,000, with retail investors dumping, large outflows from ETFs, and continually rising downward hedging pressure continuing to dictate the market structure before the end of the year. Analysts indicate that the current trading records reflect an imbalanced flow of funds—short-term holders and Wall Street investors are dumping heavily, while long-term holders, often referred to as "whales," are steadily accumulating. The head of BRN research pointed out that Bitcoin is at a "crossroads," with large holders continuously increasing their holdings while retail investors and short-term buyers are suffering significant losses. Recently, approximately 31,800 Bitcoins were transferred to exchanges at a loss, while the number of wallets holding more than 1,000 Bitcoins increased by 2.2%, marking the highest growth rate in four months. (The Block)