#比特币市场动态 Seeing Murphy's on-chain data analysis, I feel a bit emotional. During the sharp decline on October 11th, I sensed it was unusual. Now, two months later, the changes in the chip structure have thoroughly confirmed my judgment.

Between $80,000 and $90,000, there are 2.536 million BTC accumulated, an increase of 1.874 million compared to before the crash. What does this mean? It indicates that a large number of long-term holders have established a new cost defense line here. But what really makes me alert is the movement of profit-taking positions—the most aggressive selling of BTC with costs in the $60,000 to $70,000 range. Most of these chips were accumulated before the US election, and now that profits have retraced, they are eager to cash out. I have seen this mentality many times.

I have experienced the madness of 2017 and survived the long bear market of 2018. I am no stranger to these cyclical distributions. But this time is different; the scale of long-term holders' exit can be called "epic," yet the reasons behind it are worth pondering—four-year cycle theory, quantum threats, macro uncertainties—all are real market concerns. Below, another 1.33 million profit positions are continuously selling.

Interestingly, in the $70,000 to $80,000 price range, only 190,000 BTC remain, which is the true gap zone. History tells me that whenever such a vacuum appears in the chip structure, it often signals that new liquidity is about to enter. From the cost distribution, we are currently at a point of near balance in the chip structure, a critical point. What happens next depends on when new participants enter. Patience is key.