$82,000 Becomes the Life-or-Death Line! On-Chain Data Reveals the Truth Behind Bitcoin Selling Pressure

[BlockBeats] The on-chain data from the past three days is quite interesting. Looking at the Bitcoin URPD (UTXO Realized Price Distribution), the real large-scale selling cost range was between $88,000 and $89,000, with 64,334 BTC sold off in three days. But that’s not the most intense part—the price ranges where holdings are most concentrated barely moved.

This recent drop was mainly caused by high-level buyers cutting their losses. The old holders who are sitting on long-term profits and the unfortunates trapped at even higher levels didn’t panic-sell. Part of the reason is that short-term and high-frequency funds were forced to stop out, but more importantly, the trading mechanisms of derivatives market makers amplified the short-term volatility.

If you look at the options net premium heatmap, it’s clear: there’s a huge pile of sold put options in the $82,000 to $87,000 range. When BTC nears $82,000, market makers are forced by their mechanisms to buy spot, effectively creating a support level there. But if it falls below $82,000? The market makers’ risk exposure will explode, and they’ll have to quickly sell BTC to hedge.

So $82,000 is currently the lifeline for the bulls. If this level breaks, market makers will accelerate their spot selling, and the waterfall will come.