At the beginning of the month, Bitcoin reached a significant mark of $45,000, but then its price began to decline. During this period of slowed growth, Bitcoin supporters continued to actively accumulate the cryptocurrency. This accumulation likely contributed to some recovery and stabilization of Bitcoin's price to around $42,800.

According to data analysis by Intotheblock, on December 16, major Bitcoin holders accumulated about 20,000 BTC, marking the largest daily increase in the last month. This coincided with news that the U.S. Securities and Exchange Commission (SEC) rejected Coinbase's proposal to revise regulations.

Despite market volatility, long-term Bitcoin holders continue to maintain their positions, not engaging in active trading and not using their BTC as collateral. Crypto whales, who hold significant amounts of digital assets, have a considerable impact on the market, and their actions are closely monitored by the community to predict potential market changes.

While long-term investors have shown a stable trend of accumulation since March 2023, short-term holders tend to realize profits, leading to significant sell-offs. Despite growing interest in Bitcoin as a macro asset, Google search trends indicate a decline in enthusiasm among retail traders.