CryptoQuant Founder: Bitcoin On-Chain Inflow is Weakening, Sentiment Recovery May Take Several Months

December 22 — LookOnChain monitoring indicates Ethereum’s first decentralized autonomous treasury (DAT) firm BitMine has added 13,412 ETH to its holdings in the past 15 minutes, with the tokens valued at $40.61 million.

On December 22, Binance announced it will launch KGST spot trading on December 24, 2025.

**BTC On-Chain Cost Structure Shifts Amid Current Downturn: Analyst** On December 22, on-chain data analyst Murphy cites the October 11 selloff as the start of the current BTC downturn, highlighting key shifts in the token’s on-chain cost structure over the past two months: - **Top Accumulation Zones**: The $80k–$90k band holds the most BTC (2.54 million), up 1.87 million from Oct 11—making it the strongest accumulation zone to date. Next are $90k–$100k (add 324k BTC) and $100k–$110k (add 87k BTC). - **Profit/Loss Balance**: With current prices as the midpoint, 6.17 million BTC sit in unrealized losses (above current levels), while 7.46 million are in unrealized gains (below). Excluding Satoshi’s holdings and long-lost BTC, the chip cost structure is nearly balanced. - **Recent Changes (Oct 11–Dec 20)**: Unrealized gains below current prices dropped by 1.33 million BTC. Trapped positions above $110k fell by 902k BTC, but the $100k–$110k band saw no decline—instead adding 87k

Binance Wallet announced on December 22 that the Pre-TGE point threshold for Bitway (BTW) is 216. The event will run from 4:00 PM to 6:00 PM UTC+8 on December 22. Eligible users can join the Pre-TGE via the Alpha event page—participation requires spending 15 points. **Important Note:** Reward tokens from this Pre-TGE event are subject to a lock-up period set by the project team. During the lock-up period, the tokens cannot be traded, transferred, or used. The unlock time may not be announced in advance. Please ensure you understand the associated risks before participating.

Monday, December 22 Market data shows Japanese and South Korean stock markets finished higher across the board. The Nikkei 225 Index rose 895.18 points (1.81%) to close at 50,402.39. South Korea’s KOSPI Index gained 85.38 points (2.12%) to end at 4,105.93.

Binance Wallet announced on December 22 that its Bitway (BTW) Booster Plan is now live. Participants can earn a share of 300 million total BTW airdropped by completing multi-stage tasks. The first phase will distribute 50 million BTW in rewards, and users holding 165 Binance Alpha Points are eligible to join. Important Note: Tokens received via the Booster Program are subject to a lock-up period set by the project team. Please review and understand associated risks before participating.