#代币锁定与派发机制 Recently, I came across a study by on-chain data analyst Murphy about the changes in BTC's cost structure. It really feels like witnessing the market "rotation." Since the sharp drop in October, long-term holders have been distributing large amounts, and the story behind this is particularly worth pondering.

Data shows that 2.536 million BTC are accumulated in the $80,000-$90,000 range, making it the strongest support zone. But what's even more interesting is that a large amount of chips with costs in the $60,000-$70,000 range are being sold off. Most of these are the "old leeks" accumulated before the 2024 US election, eager to cash out as profits retreat. In contrast, chips with costs in the $100,000-$110,000 range have actually increased, indicating some are continuing to add positions. This contrast indeed reflects a divergence in market participants' sentiment.

There are only 190,000 BTC in the $70,000-$80,000 range, almost an "gap zone." If the price drops here, it could attract a large influx of new liquidity, forming a support.

This reminds me of a core logic: distribution isn't a bad thing; rather, it's the market completing the reallocation of chips. The exit of long-term holders creates opportunities for new participants to enter. In a decentralized world, chip flow is like blood circulation—every large-scale transfer is reshaping the market's power structure.

The key is to see the trend clearly, rather than being scared by short-term fluctuations. During such distribution periods, it's often the best time for steadfast believers to quietly accumulate chips.