K33: Bitcoin Long-Term Holder Sell Pressure Approaching "Saturation," Distribution Phase Nearing End
**K33: Long-Term Bitcoin Holder Selling Pressure Nearing Saturation**
Research and brokerage firm K33 noted in a report published yesterday that selling pressure from long-term Bitcoin holders is approaching saturation after years of distribution, with on-chain selling pressure expected to ease gradually.
K33 research director Vetle Lunde said that since 2024, the supply of Bitcoin held for over two years has been steadily declining: roughly 1.6 million BTC (valued at ~$138 billion at current prices) has been reactivated and flowed into the market, reflecting ongoing on-chain selling by early holders. Lunde added this scale far exceeds what technical migrations or structural adjustments can explain, indicating substantial distribution activity.
The report highlighted that 2024 and 2025 rank as the second and third-highest years in Bitcoin’s history for long-term supply recirculation, trailing only 2017. Unlike 2017’s cycle—driven primarily by ICOs, altcoin trading, and incenti
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Analysis: Bitcoin's current round of decline is "different from the past," not accompanied by a major crisis but with continuous fund outflows
As of December 17, Bloomberg reports Bitcoin is on track for its fourth annual decline in history—and the first time a pullback has occurred without a major scandal or industry-wide meltdown. Analysis notes the downturn is unfolding even as institutional participation grows, the regulatory landscape matures, and the crypto sector gets public backing from U.S. President Trump, catching markets off guard.
Since hitting an all-time high above $126,000 in early October, Bitcoin has pulled back sharply. Trading volumes are currently low as investors continue exiting related products. Data shows U.S.-listed Bitcoin spot ETFs have seen net outflows of over $5.2 billion since October 10, market depth has dropped ~30% from its yearly peak, and there’s little appetite for a rebound in the derivatives market.
Unlike prior bear markets, this pullback wasn’t triggered by exchange collapses, heavy-handed regulation, or systemic risk events. The three prior annual drops stemmed from: Mt. Gox’s co
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Hong Kong's Q3 Virtual Asset Spot ETF Total Market Cap Grew by 33% Year-on-Year, Tokenization Market Also Experienced Rapid Growth
Hong Kong’s Securities and Futures Commission (SFC) released its Q3 2025 report on December 17, showing continued expansion in the city’s virtual asset investment product market.
As of end-November, the total market value of SFC-approved virtual asset spot ETFs rose 33% year-over-year to HK$5.47 billion, with the number of products growing to 11—reflecting increasing demand for compliant virtual asset investments.
Meanwhile, tokenized financial products are advancing rapidly. Since their launch earlier this year, SFC-approved tokenized retail money market funds saw a 557% year-over-year jump in assets under management (AUM) to HK$5.48 billion (as of end-November), with 8 funds now available. This trend signals rising retail acceptance of tokenized products.
Regulators have also issued risk warnings. In August, the SFC and Hong Kong Monetary Authority (HKMA) jointly reminded investors of market volatility tied to the stablecoin sector, noting that regulators are balancing virtu
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ETHZilla Chairman's Letter to Shareholders, Revealing Ethereum's Progress on RWA Tokenization Strategy
On December 17, Ethereum Treasury firm ETHZilla Corporation issued a letter from its Board Chair to shareholders, reviewing the company’s strategic execution progress over the past five months and outlining development plans for 2026 and beyond.
ETHZilla notes it was initially positioned as an infrastructure provider bridging traditional finance (TradFi) and decentralized finance (DeFi). Its core strategy includes ongoing ETH accumulation, yield generation via strategic deployment, and on-chain real-world asset (RWA) tokenization operations.
For recent progress, ETHZilla disclosed it has built the foundational infrastructure for RWA tokenization. In October, the company announced a partnership with Liquidity.io—a regulated broker-dealer and one of the few U.S. Securities and Exchange Commission (SEC)-registered digital alternative trading systems (ATS)—in which ETHZilla holds a stake in Liquidity.io’s parent company. Through this partnership, ETHZilla will gain exclusive access t
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A Whale Deposits 10,169 ETH to a CEX, Profits $11.36 Million
On December 17th, a whale address deposited 10,169 ETH (worth ~$29.77 million) into Binance, netting a $11.36 million profit, per OnchainLens monitoring data.
Previously, the whale withdrew 19,505.5 ETH (~$48.69 million) from a trading platform and staked the funds, then deposited an additional 20,269 ETH (~$60.05 million). The staking activity earned the whale 763.58 ETH.
Address: 0xc8D45CC670c6485F70528976D65f7603160Be2CD
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If Ethereum drops below $2,800, the mainstream CEX's long liquidation pressure will reach $1.022 billion
On December 17th, per data from Coinglass, if Ethereum (ETH) falls below $2,800, the total long liquidation intensity across major centralized exchanges (CEXs) will reach $1.022 billion.
Conversely, if ETH climbs above $3,000, the total short liquidation intensity on major CEXs will hit $843 million.
BlockBeats Note: Liquidation charts do not display the exact number of contracts pending liquidation or their precise value. Instead, the bars on these charts reflect the relative importance of each liquidation cluster compared to neighboring clusters—i.e., "intensity."
Accordingly, the chart illustrates how strongly an asset’s price will be impacted when it hits a given level. A taller "liquidation bar" signals a more intense price reaction driven by a liquidity cascade once that price point is reached.
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