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Analysis: The BTC chip structure is rapidly tightening, and a potential significant fluctuation is imminent.
On November 1, analyst Murphy stated that the current concentration of chips within a 5% range of the BTC spot price has risen to 17.6%, reaching the highest level in nearly two years. This indicates that the chip structure is rapidly tightening, and after the accumulation of energy, potential significant fluctuations are imminent. On September 30, the concentration of chips within a 5% range of the BTC spot price rose to 15%, and soon after, BTC experienced a strong rebound that broke through its historical high. Over the past two years, there have been 8 instances where the concentration exceeded 13%, and BTC subsequently experienced varying degrees of fluctuations. However, volatility measures the amplitude of price changes rather than direction; the rise and fall are chaotic and unpredictable, but it is certain that significant fluctuations are approaching. This analysis is for educational communication purposes only and should not be considered investment advice.