Analyst Murphy has identified signs of recovery in market sentiment through on-chain data, as reported on December 21. The data shows a decrease in the number of Bitcoin addresses that have completely liquidated their holdings over the past 30 days. This trend suggests a shift in investor behavior, moving away from panic-driven sell-offs. Between November 13 and 25, there was a significant increase in the number of addresses liquidating their Bitcoin, coinciding with a sharp decline in Bitcoin's price. However, from December 1 to 18, as Bitcoin's price stabilized and tested lower levels, the number of liquidation addresses began to decline, indicating a potential stabilization in market sentiment.