#代币锁定与派发机制 Looking at this on-chain data analysis, honestly, the scale of distribution by long-term holders has indeed exceeded expectations. 2.536 million BTC are accumulated in the $80,000-$90,000 range. What does this indicate? Major players are voting with their feet; the chip distribution is shifting from extreme imbalance toward relative equilibrium, and market sentiment is transitioning from faith to pragmatism.

The most striking detail is that the most aggressive selling occurs in the $60,000-$70,000 cost range—those chips accumulated before the US elections, which are now seeing profits retreat and prompting quick cash-outs. This is a typical signal of changing long-term holder mentality. Conversely, the amount at the $100,000-$110,000 cost range has increased by 87,000 BTC, indicating that the bottom is gradually being absorbed, just not strongly enough yet.

The "gap zone" at $70,000-$80,000 now only has 190,000 BTC left, which is a noteworthy technical support level. If the price dips to this level later, it will likely attract new liquidity, and only then can we judge whether a bottom has formed.

The current situation offers clear insights for follow-trading strategies: experts tend to be more cautious during this chip reorganization period, making the need for position splitting and follow-trading even higher. Those with high risk appetite can follow the aggressive players' layout at the bottom, while more conservative traders wait for the $70,000-$80,000 support to be confirmed before entering. During the distribution phase, the focus isn't on short-term price fluctuations but on who is quietly accumulating at low levels—that's the key to the next wave of market movement.