Analysis: On-chain data shows sentiment recovery, the number of BTC liquidation addresses has begun to decrease

Data analyst Murphy stated that on-chain data observed signs of sentiment recovery. The number of addresses that shifted from "holding BTC" to "fully liquidated" surged from November 13 to 25, coinciding with the fastest and largest decline in BTC prices. The large number of liquidated addresses also reflected the panic and pessimism in market sentiment. However, during the period from December 1 to 18, BTC repeatedly tested the lows, and the number of liquidated addresses began to decrease, which completely aligned with the bullish behavior and sentiment changes shown in the futures market.