Analysis: Epic Hodler Distribution Post-10/11 Sell-Off Leads to Significant Shift in BTC Cost Structure

By: theblockbeats.news|2025/12/22 15:16:10

BlockBeats News, December 22, on-chain data analyst Murphy regarded the 10.11 plunge as the starting point of this round of decline, analyzing a significant change in BTC's on-chain cost structure over the past 2 months as follows:

The most stacked BTC range is the $80,000 to $90,000 range, totaling 2.536 million BTC, an increase of 1.874 million BTC compared to 10.11, making it the strongest accumulation range so far. This is followed by the $90,000 to $100,000 range (an increase of 324,000 BTC) and the $100,000 to $110,000 range (an increase of 87,000 BTC);

With the current BTC price as the midpoint, there are a total of 6.168 million BTC in unrealized losses above, and 7.462 million BTC in unrealized gains below; excluding Satoshi Nakamoto's coins and BTC that has been lost long-term, the current situation is almost at a balanced chip structure with the upper and lower sides;

From the 10.11 plunge to December 20, the number of selling pressure below decreased by 1.33 million BTC, the number of trapped chips above with a cost above $110,000 decreased by 902,000 BTC, and the number of BTC in the $100,000 to $110,000 range did not decrease but increased by 87,000 BTC. In this round of decline, many top chip holders have sold off, while the rest of the chips have laid flat.

Profit-takers are selling off in large numbers, as the four-year cycle theory, macro uncertainty, quantum threats, and other market concerns are prompting long-term holders to engage in epic distribution. The largest amount of selling and selling volume is in the $60,000 to $70,000 range, mostly chips accumulated before the 2024 U.S. presidential election. When profits have significantly retreated, they are eager to cash out.

Currently, the $70,000 to $80,000 range is a relative "air pocket," with only 190,000 BTC remaining. Only a very small number of market participants hold BTC at this price. If it falls to this range, it may attract a significant amount of new liquidity, thereby providing support.

-- Price

A Polymarket user supported nearly half of Trade.xyz's "active addresses" with 34,000 wallets, yet contributed less than 1% of the trading volume. The real support for the market comes from market-making institutions like Jump, Selini, and Wintermute, as well as a group of directional traders crossi...

Binance quietly placed a bet on a leading large model company

In the past year, YZi Labs has significantly accelerated its investments in the AI field, from educational agents to physical robots, and then to large models, with crypto capital and AI technology rapidly integrating.

Best Crypto Discord Server 2026: Why Jacob’s Crypto Clan Is Gaining Massive Attention

Jacob’s Crypto Clan has grown into one of the most active crypto Discord communities, with over 45K members and continuing to expand. This rapid growth reflects strong demand for structured trading insights and real-time collaboration.

Tom Lee Buying ETH: Why Wall Street’s Loudest Ethereum Bull Keeps Doubling Down

Tom Lee keeps buying ETH through every dip, every drawdown, and every moment of market doubt. Inside the strategy that's turning Ethereum into a treasury asset — and what it signals for the rest of the market.

Stripe Sessions 2026: AI Agent, Global Payments, and Invisible Crypto Infrastructure

Stablecoins have finally begun to enter the real business world, but this time, the main character may not be exchanges, wallets, or public chains, but Stripe. It encapsulates KYC, wallets, gas, compliance, and settlement, allowing businesses to access on-chain assets just like using regular payment...

Where will South Korea's cryptocurrency taxation head?

There is little time left before South Korea implements cryptocurrency taxation, but the current tax laws only cover simple spot and currency-to-currency transactions. Driven by the international tax information exchange standard (CARF), South Korea is comprehensively building an intelligence analys...

Legendary investor Naval: Apple is dead, SaaS will follow suit, and entrepreneurs have 18 months to reshape their moats

"You can continue to hold Apple stock. Just don't expect that what you hold is stock in a growth company."

Morning Report | Visa includes Polygon in its global stablecoin settlement program; MoonPay invests $100 million to acquire security company Sodot; Digital wallet platform Belo completes $14 million Series A financing

Overview of Important Market Events on April 29

Full text of the Federal Reserve's decision: Holding steady for the third consecutive time but increasing divisions

The Federal Reserve has kept interest rates unchanged for the third consecutive time, but there were internal voting disagreements, with one official advocating for a rate cut while three others opposed signaling easing. The situation in the Middle East and fluctuations in energy prices further ampl...