#代币锁定与派发机制 Recently analyzing BTC's chip distribution, I realized that long-term holders are selling off in large quantities. What's the logic behind this? 🤔

After examining the data carefully, I understand that in the two months since the October crash, BTC's cost structure has undergone significant changes. The most shocking is those holding coins in the $60,000-$70,000 range; their profits have retraced so much from the high points, and now they are eager to cash out. I can understand this mindset—after all, no one wants to see their profits vanish.

What's even more interesting is that the $80,000-$90,000 range has become the strongest absorption zone, accumulating 2.536 million BTC. It feels like a "defense line"—if the price drops below this, it could absorb a lot of selling pressure. The "gap zone" between $70,000-$80,000 only has 190,000 BTC left; if the price really falls there, it might provide some support.

Honestly, analyzing these on-chain data can be a bit brain-burning, but it's quite interesting. What does the distribution by long-term holders imply? Are they bearish, or do they have other concerns? Quantum threats, four-year cycles—I haven't fully understood these yet, but I feel the market is indeed filled with some anxiety.

Can any expert help me clarify the meaning of this distribution cycle? Newbie seeking advice 😅