COINOTAG data analyst Murphy views the 10.11 plunge as the start of this downturn, noting a shift in BTC’s on-chain cost structure. The accumulation sits in the $80,000–$90,000 band, totaling 2.536 million BTC, up 1.874 million since 10.11.
Other ranges show buy pressure: $90,000–$100,000 up by 324,000 BTC and $100,000–$110,000 up by 87,000 BTC. Unrealized losses total 6.168 million BTC above; unrealized gains total 7.462 million BTC below.
From 10.11 to December 20, selling pressure below declined by 1.33 million BTC; trapped chips above $110,000 fell by 902,000 BTC, while holdings in the $100,000–$110,000 range rose by 87,000 BTC. Many top addresses have trimmed exposure.
Profit-taking remains prominent as the four-year cycle, macro uncertainty, and other risks drive distribution among long-term holders. The $60,000–$70,000 range hosts the largest selling volume, while the $70,000–$80,000 zone is a sparse liquidity area with 190,000 BTC.
Source: https://en.coinotag.com/breakingnews/bitcoin-on-chain-analysis-major-accumulation-in-the-80k-90k-range-as-10-11-decline-reshapes-chip-structure
