Recently, a noteworthy signal has emerged in the Bitcoin market: driven by 'mysterious funds', its chip structure has formed a gap range of $111,000-$115,000. For a 'behemoth' with a market cap reaching trillions, such an anomaly is particularly striking.
(Figure 1)
Even if we only count the actively traded chips in the market, there are still at least 2.87 million Bitcoins in circulation. Based on the current price of about $110,000, the market value of this portion of chips reaches as high as $310 billion. In such a massive market, it is rare to see a sudden disconnection in chip structure.
Looking back, similar chip gaps are often associated with subsequent strong market trends. On December 24, 2020, Bitcoin quickly surged to $24,000, leaving a gap range of $19,000-$22,000; thereafter, its price peaked at $64,000.
(Figure 2)
On November 14, 2024, when Bitcoin surged to $87,000, it formed a gap of $73,000-$85,000, and subsequently reached a high of $106,000.
(Figure 3)
Of course, we cannot simply apply historical rules to assert that a strong trend will necessarily follow this gap. However, the inertia of market sentiment cannot be overlooked—once ignited, it often does not stop abruptly. This is evidenced by yesterday's OK 'simple coin earning' yield soaring to 41%, which is sufficient to illustrate the current heat of market sentiment.
However, there is a notable difference between this market situation and historical scenarios: in previous instances of gaps, altcoins often experienced a simultaneous surge, showing a 'blooming everywhere' trend; whereas this time, Bitcoin is almost 'leading the way', and altcoins have not kept pace. This difference also adds some uncertainty to the continuation of market sentiment in the future.
Additionally, there is an interesting phenomenon worth mentioning: historically, all gaps in the URPD will eventually be filled; it is just a matter of time. This seems to have become a 'market metaphysics' that is difficult to fully explain with logic.