BlackRock added close to $900 million in Bitcoin during the first week of January, rebuilding exposure after an end-of-year drawdown and coinciding with a sharp slowdown in long-term selling.
Additional on-chain indicators support the view that selling pressure has eased. CryptoQuant data shows the SOPR Ratio at levels linked to market resets, with recent buyers realizing losses while long-term holders remain profitable and inactive. Bitcoin’s Net Unrealized Profit/Loss (NUPL) sits near 0.3, a zone that historically coincides with transitions from recovery into steadier conditions.
Source: Lookonchain; CryptoQuant (on-chain data)
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