#代币锁定与派发机制 Recent changes in BTC chip structure deserve attention. According to on-chain data, within two months following the October 11 crash, long-term holders are conducting large-scale distributions—BTC sales in the 60,000-70,000 USD cost range are the largest, with these chips mainly originating from accumulation before the US election. Now after profit-taking, they are eager to cash out.

From a structural perspective, the 80,000-90,000 USD range has accumulated 2.536 million BTC, becoming the current strongest support. The 70,000-80,000 USD gap has only 190,000 BTC remaining, and if this price level is touched, it may attract substantial new liquidity to form support. Currently, the floating profit chips below (7.462 million) and floating loss chips above (6.168 million) are nearly balanced, suggesting the market chip distribution is trending toward rationality, though top-side profit-taking pressure continues to release.

The four-year cycle, macro uncertainty, and quantum threats collectively catalyze this round of distribution. The key is observing whether new liquidity can effectively take over at critical support levels—if the 70,000-80,000 USD range can absorb the distribution volume, subsequent rebound space would be relatively clear; otherwise, we must be alert to the possibility of further downward exploration for chip absorption.