Long-term holders are distributing chips, and this is quite interesting. Looking at the data, in the two months since the October crash, BTC's cost structure has been completely reconstructed. The most concentrated range has shifted from high levels to $80,000-$90,000, with an increase of 1.87 million coins, clearly indicating that long-term players are bottom-fishing and accumulating.

What's even more remarkable is that profit-taking is happening aggressively, especially among the chips with a cost basis of $60,000-$70,000. These were accumulated before the 2024 election, and now that profits have shrunk, they are eager to cash out. This mindset is quite intense.

However, there are also opportunities here. The $70,000-$80,000 range now only has 190,000 BTC, and almost no one is holding positions at this price. Once the price drops to this level, there could be a surge of liquidity. The chip distribution has shifted from extreme imbalance to near balance, and such reconstruction periods are often turning points.

Currently, there are still 7.46 million BTC in floating profit, indicating that many are still profitable, but distribution is ongoing. This tug-of-war is difficult to predict in the short term, but from the cost structure perspective, the bottom support strength is actually increasing.