#比特币价格走势与周期 Since the October crash, chip flow distribution deserves attention. Data shows long-term holders are distributing at massive scale, particularly concentrated in chips with costs in the 60,000-70,000 USD range—most of these positions accumulated before last year's presidential election, and are now being rapidly cashed out as profit margins have been severely squeezed.

More concerning is the inverted cost structure: 7.462 million BTC in floating gains below versus 6.168 million BTC in floating losses above. While seemingly close to balance, in reality the profit positions are continuously decreasing, while locked-in losses at the top remain considerable. Over the past two months, 2.536 million BTC has accumulated in the 80,000-90,000 USD range, becoming the current strongest support zone.

A key observation is that the 70,000-80,000 USD price range has only 190,000 BTC left in chips, forming an obvious gap. If price drops to this level, it may actually attract new liquidity to form support—this is a typical chip redistribution process within the four-year cycle.

The current distribution is not just market sentiment fluctuation; behind it lies rational choice by long-term participants under quantum threats, macro uncertainty, and cycle awareness. We need to continue tracking capital flows to see whether new buying pressure will truly catch this distribution wave at the bottom.