BitMine’s Tom Lee and On-Chain Data Signal a Big December Move for Bitcoin

BitMine Chairman Tom Lee anticipates a major Bitcoin move before the year's end, despite the market "limping" since the October liquidation shock that damaged market-maker balance sheets and contracted liquidity. This damage led to Bitcoin dropping nearly 30% from its peak and a poor November performance for price and ETF flows. However, Lee points to a potential dovish shift from the Federal Reserve as a catalyst for a strong December rally. On-chain data supports this potential shift, as Bitcoin's 90-day Spot Taker CVD has moved from persistent sell dominance to a neutral stance, indicating aggressive selling pressure has exhausted. Furthermore, borrowing trends on platforms like Nexo show users are leveraging Bitcoin by borrowing against it rather than selling, suggesting long-term holders are defending positions. While this indicates improved stability and exhausted selling, the market remains fragile due to thin order books and leveraged positions, meaning small catalysts could trigger large volatility, either up or down, depending on macro signals and ETF flows.

(Source：BeInCrypto)