URPD data has been quite interesting these past few days.

BTC's current chip structure has a bit of a "dual-anchor" flavor, with two accumulation zones. The last two pullbacks have both been validated.

Zone A is between $113k-$118k, which was originally quite thin, but as it pulled back, more and more people started to buy in, and it has become thicker. There are now about 181.8k BTC stuck in there.

Zone B remains the same, between $100k-$108k, with 178.4k BTC lying there, making it the most solid chip zone currently.

Looking at this, the strongest support zone is basically locked in at $108k-$112k. If it drops below, this is the first wall.

On the flip side, $117k-$118k has become the strongest resistance, with over 600k BTC in there. Without waiting for the macro sentiment to completely turn around, there are already sellers as soon as it hits here. If it can truly break through, it is very likely to surge towards the previous high.

ETH is also stuck at a point: around $4,846, which is exactly one standard deviation of the real cost for active investors. The last two times (March 14, August 13) it hit this level, it pulled back, and now it's the third time. Let's see if it can hold up.