[Analysts Expect Bitcoin to Fluctuate Within a Range but with High Volatility in Q1] On January 5, SynFutures Chief Operating Officer Wenny Cai stated that the average inflow of Bitcoin on Binance has significantly increased, indicating that large holders are becoming active again, which is often an early signal of a new round of speculative activity. The current market trend appears more like an adjustment after light positions, with traders testing upward potential rather than aggressively building positions. It is expected that Bitcoin will maintain range-bound fluctuations but with high volatility in the first quarter, with the direction depending on ETF fund inflows and institutional strategies. Caladan Research Director Derek Lim pointed out that while the Venezuela incident has not directly impacted crypto prices, it may trigger market panic. Lim also noted that large holders are re-entering the market, and long-term Bitcoin holders have turned into net buyers, suggesting that the price has established a more solid support base.