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September 23: On-chain giant whale holdings and chip (position) structure
Exchange spot holdings fall to a low level: The amount of BTC spot reserves held by exchanges continues to decline, and liquidity supply (Liquid Supply) tightens further, forming a typical “Supply Squeeze.”
Long-term holders (LTH) remain firmly locked: “Long-term holder” addresses holding for more than 1 year showed no large-scale profit-taking sell-off during the breakout of $87,000, with chips/holdings remaining extremely concentrated.
Chips concentrate toward large holders: The number of whale addresses holding 1,000 BTC or more shows net growth, and chips are accelerating in their shift from retail traders and short-term leveraged traders toward institutional custody accounts and on-chain giant whales.
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