#比特币价格走势与周期 After analyzing the latest on-chain data, the sharp decline on 10.11 indeed marked the starting point of this round of correction. Long-term holders are engaging in large-scale distribution, which is a key signal—indicating a significant change in the market’s chip structure.

Data shows that the 80,000-90,000 USD range has the highest accumulation of chips (2.536 million BTC), making it the strongest support level. Conversely, the 70,000-80,000 USD range has become a relatively vacant zone, with only 190,000 BTC remaining. In other words, if the price truly reaches this range, it is likely to attract new liquidity to provide support.

From the perspective of profit-taking and trapped positions, long-term holders with costs in the 60,000-70,000 USD range are selling the most, as these are chips accumulated before the 2024 election, now eager to cash out as profits retreat. Chips with higher costs (100,000-110,000 USD) have also seen many sell-offs. In this decline, the top chips have bled the most, while other positions have mostly flattened.

For us, the “撸毛党” (profit-chasers), it’s crucial to see the situation clearly at this point—long-term holders are distributing, indicating that short-term market sentiment is weak. It’s recommended to focus on newly launched airdrop projects and interaction opportunities, completing interactions with minimal costs, rather than trying to buy at low levels. Focus on farming airdrops, letting the holders bear the pressure of this chip transition.