According to ChainCatcher news, on-chain data analyst Murphy released a market chip structure analysis. A month ago, due to the rapid rise of BTC, there was almost no turnover in the price range of $112,000 to $114,000, resulting in a gap phenomenon in the chip structure (URPD). According to usual experience, all 'gaps' on the URPD will be filled.
A month later, by August 27, the gap of $112,000 to $114,000 has been completely filled, linking the original high and low accumulation zones, forming a super-large accumulation zone spanning from $93,000 to $118,000. In this range, 5.59 million BTC have accumulated, meaning that in a short period of just 9 months from November 20, 2024, over 5 million BTC were bought within this price range, accounting for 28% of the total circulation. If we exclude long-term 'locked' chips such as lost coins and Satoshi's holdings, this proportion would be even higher.
Without an unexpected 'black swan' event, it will be difficult for BTC prices to break through this range. For example, BTC is currently supported at the STH-RP position of $108,000, and there are also 42 BTC providing support at the lower position of $104,000. Currently, there are no significant gaps on the URPD, with only a shallow gap existing between $72,000 and $80,000.
