On December 22, on-chain data analyst Murphy viewed the big dump of 10.11 as the starting point of this round of decline, analyzing the significant changes in the BTC cost structure over the past 2 months as follows:

The highest accumulation range for BTC is between 80,000 and 90,000 USD, totaling 2.536 million coins, an increase of 1.874 million coins compared to October 11, making it the strongest support range so far, followed by the range of 90,000 to 100,000 USD (an increase of 324,000 coins) and the range of 100,000 to 110,000 USD (an increase of 87,000 coins);

With the current price of BTC as the median line, the total floating loss chips above is 6.168 million, and the total floating profit chips below is 7.462 million; excluding Satoshi Nakamoto and long-lost BTC, it is currently almost at a balanced position in the chip structure.

On October 11, it fell big to December 20, with a total reduction of 1.33 million coins in profit-taking below, and a reduction of 902,000 coins for positions with a cost above $110,000. The amount of BTC with costs in the range of $100,000 to $110,000 has not decreased but increased by 87,000 coins. In this round of decline, a lot of top chips have been liquidated, while the remaining chips have remained flat.

Profit-taking positions are being sold off in large quantities due to the four-year cycle theory, macro uncertainties, and market concerns such as quantum threats, prompting long-term holders to conduct an epic distribution. Among them, the BTC amount with costs in the range of 60,000 to 70,000 has the largest selling volume, mostly consisting of chips accumulated before the 2024 U.S. presidential election, and as profits have significantly retraced, there is a rush to cash out.

Currently, the range of 70,000 to 80,000 USD is relatively an "empty zone", with only 190,000 BTC remaining. A very small number of market participants hold BTC at this price, and if it falls to this range, it may attract significant new liquidity, thereby providing support #加密市场小幅回暖 #2026行情预测 $ETH .