On December 13th, Glassnode data showed that short-term BTC holders (entities holding BTC for no more than 155 days, referred to as STH) sent $1.93 billion worth of BTC to trading platforms on December 11th, and $2.08 billion worth of BTC on the following day. The last time the daily inflow of BTC into CEX exceeded $2 billion was in June 2022, and analysts believe that this data was a market reaction to the imminent collapse of the CeFi platform Celsius at that time.
In addition, the daily trading volume on December 12th also reached the highest level since early July this year. Glassnode also marked several on-chain indicators, indicating that STH may have temporarily reached the limit of the bull market.