Changes in Bitcoin Chain Data from January 1, 2025 to January 1, 2026 (Part 1) A new year has begun, and with blessings and good luck, everyone has heard about it. From the perspective of actual data, let's take a look at the changes in several key data points of BTC throughout the year, and what these changes mean. Firstly, it must be the stock of the exchange, which is the data I am most concerned about in 2025 and almost none of it. The stock of the exchange can be seen as the emotional changes of Bitcoin investors. When more BTC is transferred into the exchange, it represents a strong selling sentiment among investors. When the stock of BTC on the exchange gradually decreases, it indicates that investors maintain long-term holdings of BTC and have good expectations for its future. The stock of BTC on all exchanges in the past year According to the data, there were a total of 3083712 BTC stored on the exchange at the beginning of 2025, and as of now, there are still 2930005 BTC stored on the exchange. In one year, 153707 BTC have been withdrawn from the exchange. From the perspective of detailed data, Coinbase is the exchange with the highest BTC stock and withdrawal volume among known data. At the beginning of the year, the stock exceeded 1 million coins, and over 110000 coins were withdrawn in one year. This also indicates that investors primarily based on the US or US time zone have the strongest purchasing power among spot Bitcoin. Although the stock of BTC in Binance, which has the highest trading volume, has fluctuated greatly, over 4000 BTC have been withdrawn and withdrawn throughout the year. Among the exchanges with a stock of over 100000 BTC, only Bitfinex has seen an increase in BTC stock, while OKX and Upbit have seen an increase in BTC stock, with Bitfinex being the one with the highest increase and only having an inflow of over 20000 BTC. In terms of spot ETFs, as of December 30, 2024, all US institutions held a total of 1195854 BTC, while by December 30, 2025, all US institutions held a total of 1301006 BTC. Over the course of one year, traditional US investors had a net inflow of 105152 BTC into ETFs. Among them, BlackRock investors have the most BTC assets, with a total of 771926. On October 28, 2025, BlackRock investors held the most BTC, holding a total of 806329 BTC. This means that BlackRock investors had a net outflow of 34403 BTC in about 2 months. BlackRock's investors hold nearly 60% of the total BTC spot ETF holdings in the United States, followed by 16.48% in Grayscale and 15.24% in Fidelity, while other data can be ignored. Distribution of BTC on chain holdings in the past year According to BTC holdings data, high net worth investors who hold more than 10 BTC in 2025 have been increasing their holdings throughout the year. From 16325508 BTC at the beginning of the year to 16533234 BTC currently, they have increased their holdings of 207726 Bitcoin in one year. Small scale investors with holdings of less than 10 BTC will be in a state of reducing their holdings for most of 2025, from 3457673 BTC at the beginning of the year to 3433815 BTC, a net decrease of 23858 BTC. Although it is not much, it also indicates the attitude of investors. In mid-2025, BTC will gradually flow towards long-term holders who are high net worth users. These users are not sensitive to price and have obvious buying behavior whether it is rising or falling, while small-scale investors are more sensitive to price. The number of outstanding BTC contracts on all exchanges in the past year Next is the outstanding contract data of Bitcoin. Although this data does not intuitively show the next trend of BTC, it can clearly tell us that the current leverage level of BTC is very low. If we consider that the deleveraging in October was a series of stampede factors, the current leverage level is actually at a very low level for the year. On the one hand, lower leverage indicates that investors' emotions are not high, and on the other hand, repeated fluctuations can also cause leveraged investors to lose confidence. However, it can be clearly seen that there is currently an increasing trend of unsettled contracts. If the leverage data of the past five years is extended, it will be clearer. BTC's outstanding contracts on the exchange in the past five years It can be clearly seen that although high unrealized contracts do not necessarily mean they are going to pull the market, high unrealized contracts often represent extreme market sentiment, while low unrealized contracts are mostly oscillating and seeking a breakthrough direction. In most cases, the result of leverage will inevitably bring a new wave of growth. The current unsettled contracts are not only at a lower level in 2025, but also at a lower level in the past five years. Unfold contracts are gradually building positions, indicating that risk appetite is not high. The market is more like testing the trend of building positions again after clearing leverage. Moreover, BTC's capital rate has also remained positive for a long time, and investors are not entering a comprehensive bearish trend similar to that in 2022. Therefore, from the current data mainly based on "quantity", we can still see investors' reactions to Bitcoin and signs of entering a "bear market". The stock of the exchange is continuing to decrease, and the number of holdings is significantly greater than selling. Holding means that at least now there are more investors optimistic about the future of BTC. From the holding data, high net worth investors are often the ones with the most holdings and are less affected by prices. Even traditional investors have not shown signs of completely abandoning cryptocurrency and switching to the US stock market. This group of high net worth and traditional investors is still mainly composed of investors from the United States and its time zones. Therefore, the political, economic, and monetary policies of the United States will still have a significant impact on cryptocurrencies and Bitcoin. Although leverage levels and investor sentiment are currently low due to liquidity constraints, it is evident that we are currently in the stage of building positions. Once liquidity or policies provide better stimulation, it will have a significant impact on the strength of BTC prices. @bitget VIP， Lower rates and more generous benefits