#比特币市场动态 Seeing this set of on-chain data, I am reminded of a common phenomenon in investing — when profit-taking chips are heavily sold off, it is often the time when market sentiment is the most unstable.

Behind this "epic distribution" by long-term holders, reflects a psychological game. The significant sell-off of BTC in the 60,000-70,000 USD range mostly stems from accumulation before the 2024 election, and now that profits have sharply retraced, many are rushing to cash out. I can understand this anxiety, but it also reminds us how important position management and mental resilience are.

Data shows that in the 80,000-90,000 USD range, 2.536 million BTC have been accumulated, forming a relatively stable support zone. The "gap zone" between 70,000-80,000 USD only has 190,000 BTC left; if prices truly fall to this level, it could attract new liquidity. This is not a prediction, but a hint from the market structure itself.

My simple view is: rather than entangling with short-term fluctuations, it’s better to examine your own allocation logic. Is the proportion of your holdings exceeding your capacity to withstand declines? When the urge to sell arises, it often indicates that your position is overloaded. True stability comes from maintaining resolve amid price volatility, and that resolve stems from thorough risk assessment beforehand. The market is reshaping the chip structure, and what we need to do is protect our position in this process.