#代币锁定与派发机制 After reviewing this on-chain data analysis, frankly speaking, the distribution scale of long-term holders has indeed exceeded expectations. 2.536 million BTC accumulated in the $80,000-$90,000 range—what does this signal? Whales are voting with their feet; the chip structure is shifting from extreme imbalance toward relative equilibrium, and market sentiment is transitioning from faith to pragmatism.

The most striking detail is the most aggressive selling in the $60,000-$70,000 cost range—those chips accumulated before the US election, with profits retracing, they're rushing to cash out. This is a textbook signal of long-term holders' changing mindset. Conversely, at the $100,000-$110,000 cost level, holdings actually increased by 87,000 BTC, suggesting the bottom is gradually being absorbed, though the momentum isn't strong enough yet.

That "gap zone" at $70,000-$80,000 with only 190,000 BTC remaining is a technical support point worth monitoring. If subsequent price movement touches this level, it will likely attract new liquidity inflows. Only then can we judge whether the bottom has truly formed.

The current situation provides clear insights for copy-trading strategies: experienced traders become more cautious during these chip restructuring periods, making position diversification in copy-trading more necessary. Those with high risk tolerance can follow aggressive players' positioning in the bottom zones; more conservative players should wait for the $70,000-$80,000 support to be confirmed before entering. During the distribution process, don't focus on short-term price swings—look instead at who's quietly accumulating at low levels, as that's key to the next market cycle.