Since the October crash, the flow of chips has been worth paying attention to. Data shows that long-term holders are distributing heavily, especially those selling chips in the $60,000-$70,000 range—most of these positions were accumulated before last year's presidential election, and now, after significant profit compression, they are rapidly realizing gains.

Even more concerning is the inverted cost structure: 7.462 million coins are floating with unrealized gains below, while 6.168 million coins are floating with unrealized losses above—appearing nearly balanced, but in reality, profit-taking is continuously decreasing, while the amount of trapped positions at the top remains substantial. Over the past two months, 2.536 million coins have accumulated in the $80,000-$90,000 range, becoming the strongest support zone currently.

A key observation is that only 190,000 BTC chips remain in the $70,000-$80,000 price range, creating a clear gap. If the price drops to this level, it could instead attract new liquidity to form support—this is a typical chip redistribution process within a four-year cycle.

The current distribution is not just market sentiment fluctuation; behind it are rational choices by long-term participants under quantum threats, macro uncertainties, and cycle awareness. Continued tracking of capital flows is necessary to see if new buying interest will truly absorb this round of distribution at the bottom.