#比特币市场动态 When I saw this set of on-chain data, I was silent for a while. Since the crash in October, the epic distribution to long-term holders has been ongoing, and the logic behind it is worth everyone's vigilance.

2,536,000 BTC are accumulated in the $80,000-$90,000 range. What does this mean? It indicates that those long-term retail holders are selling off their profits on a large scale. Especially those with cost bases in the $60,000-$70,000 range are selling most aggressively. The coins accumulated before the 2024 US election are now being cashed out urgently. Why are these people in such a hurry? The four-year cycle theory, quantum threats, macro uncertainties—no matter how grand the reasons, essentially they just can't see the future market clearly and are running away while still making a profit.

I've seen too many scenarios like this. When long-term holders start distributing, it often means the market sentiment has reached a critical point. They are not short of money and can wait, but now they choose to take profits and exit, indicating genuine panic is brewing. And that "gap zone" between $70,000-$80,000 only has 190,000 BTC, which has become a decisive battleground—either attracting new liquidity to form support or breaking further.

The most heartbreaking part is that the floating profits and floating losses of the chips below and above are almost balanced, and the market has lost a clear confidence signal. Don't be fooled by any grand narratives from big influencers. The current market is testing who has a more stable psychology and who manages risks more clearly. Those who should have run already have run; don't be the one to take the last baton.