Many friends who have been following my views for a long time are well aware that my approach to analyzing the market never hinges on the ups and downs of candlestick charts themselves. What truly matters is actually very simple—chip flow. Where the money flows, the focus follows, and the market's pulse naturally becomes apparent.

The market trend over the past two months, to be honest, is a bit disheartening. It’s not the magnitude of the decline itself that’s outrageous, but the changes in chip distribution that have broken the previous cognitive framework. This is fundamentally a "big reshuffle" level of transformation.

I have clearly organized the timeline: October 11th is the watershed for this wave of adjustment. Today marks almost exactly two months later. I specifically compared the URPD data from that day and December 20th. When I did, it became clear— the market has already taken on a new look.

For new friends, the URPD indicator might be unfamiliar. Simply put, it shows how much chip accumulation exists within different cost ranges, revealing who is selling and who is absorbing, all at a glance.

The intuitive feeling from comparing these two data sets is: the red chip blocks accumulated at high prices have obviously shrunk. What does this mean? It indicates that a group of people holding chips at high levels can no longer sustain it—some want to lock in profits, others are forced to cut losses. These high-level chips used to be the "ballast" of the entire market, but now they are disappearing in batches, reflecting a collapse in confidence among participants—just think about it, it’s self-evident.

Conversely, while high-level chips are flowing downward, there is an abnormal accumulation of chips in the mid-price range. It’s important to clarify—part of this stacking actually comes from wallet restructuring actions by major exchanges, and cannot be fully regarded as spontaneous market buying and selling. This detail is very critical—don’t confuse it.