BlockBeats news, December 22, on-chain data analyst Murphy identified the October 11 crash as the starting point of this decline, analyzing significant changes in BTC cost structure over the past two months as follows:
The range with the highest BTC accumulation is $80,000 to $90,000, totaling 2.536 million coins, an increase of 1.874 million coins compared to October 11, making it the strongest support zone to date, followed by the $90,000 to $100,000 range (increase of 324,000 coins), and the $100,000 to $110,000 range (increase of 87,000 coins);
Using BTC’s current price as the midline, floating loss positions above total 6.168 million coins, while floating profit positions below total 7.462 million coins; excluding Satoshi and long-lost BTC, the market is nearly at a balanced position structure;
From the October 11 crash to December 20, profit-taking positions below decreased by 1.33 million coins, trapped positions above with costs over $110,000 decreased by 902,000 coins, while BTC in the $100,000 to $110,000 range increased by 87,000 coins instead of declining. In this decline, top-tier positions have sold off significantly, while others remain inactive.
Profit-taking positions are selling heavily, driven by market concerns such as the four-year cycle theory, macroeconomic uncertainty, or quantum threats, prompting long-term holders to engage in epic distribution. The $60,000 to $70,000 cost range saw the largest selling volume, mostly accumulated before the 2024 U.S. presidential election, with holders rushing to cash out as profits sharply retracted.
Currently, the $70,000 to $80,000 range is a relative ‘gap zone’, with only 190,000 BTC remaining. Very few market participants hold BTC at this price; if the price falls to this range, it may attract substantial new liquidity, creating support.
