#大户持仓动态 Bitcoin typically experiences seasonal buying in December, and this year is no exception. From the futures perspective, short positions are at historical highs, and once a closing tide starts, it can create a domino effect—shorts rush to close positions, and buying pressure instantly amplifies. The underlying strength of this market trend lies in: on one hand, retail investor FOMO sentiment is heating up, and on the other hand, large institutions are quietly positioning themselves. On-chain data shows that Whales are accumulating at low levels, which is usually a signal before a rebound. Of course, short-term fluctuations are inevitable, but from the capital structure, it is a fact that long positions are dominant. The key is whether it can break through the resistance level above; once it breaks, shorts will have to accelerate their stop losses.