TechFlow, Dec 31 — According to on-chain analyst Murphy (@Murphychen888), the average dollar value per Bitcoin transaction has dropped from $46,610 per transaction on December 14 to $24,897 per transaction on December 30—a nearly 47% decline. During the same period, Bitcoin's price remained largely stable within the $87,000–$88,000 range.
Data shows that Bitcoin's chip concentration level has remained almost unchanged between December 25 and 30, currently holding at 14.4%. Murphy noted this suggests reduced participation by large capital in turnover, possibly due to U.S. investors being in holiday mode, leading to a temporary reduction in market liquidity.
The analyst stated, “Once liquidity gradually recovers, two scenarios typically emerge:
1. Chip concentration continues to rise, then suddenly drops sharply after reaching a critical point;
2. Chip concentration drops sharply directly.
Regardless of which scenario occurs, it will be accompanied by significant BTC price volatility—either consecutive upward or downward movement.”
