#代币锁定与派发机制 The recent changes in BTC chip structure are worth paying attention to. According to on-chain data, within two months after the crash on 10.11, long-term holders have been engaging in large-scale distribution—the BTC sold at a cost basis of $60,000-$70,000 accounts for the largest volume. This batch of chips mainly comes from accumulation before the US election, and now, after taking profits, they are eager to cash out.

From a structural perspective, the $80,000-$90,000 range has accumulated 2.536 million BTC, making it the strongest support at the moment. The gap between $70,000-$80,000 has only 190,000 BTC remaining. If this price level is touched, it may attract a large influx of new liquidity to form support. Currently, floating profit chips below (7.462 million BTC) and floating loss chips above (6.168 million BTC) are nearly balanced, indicating that market chip distribution is becoming more rational, but the pressure to cut losses at the top is still being released.

The four-year cycle, macro uncertainties, and quantum threats have collectively catalyzed this round of distribution. The key is to observe whether the new liquidity can effectively absorb the distribution at critical support levels—if the $70,000-$80,000 range can absorb the distribution volume, the subsequent rebound space is relatively clear; otherwise, caution is needed for further downward exploration of chip support.