Fell more than 80% from the historical high—thinking it’s bottomed out? When you look at the on-chain holder cost-basis (chip) distribution, the share controlled by the top 100 addresses is approaching nearly 98%, and the number-one address alone is holding over 30% in one grip.
This kind of extreme, absolute control means there is no “natural bottom” formed by retail participation—only a game of chips in the hands of a few large holders. Any minor price fluctuation upward will run straight into a dense layer of trapped positions above, with absolute control that can sell pressure at any moment.
Expect it to reverse after a deep drop? In such a market structure, every rebound is just providing a liquidity exit for a small number of people.
#NIGHT
This kind of extreme, absolute control means there is no “natural bottom” formed by retail participation—only a game of chips in the hands of a few large holders. Any minor price fluctuation upward will run straight into a dense layer of trapped positions above, with absolute control that can sell pressure at any moment.
Expect it to reverse after a deep drop? In such a market structure, every rebound is just providing a liquidity exit for a small number of people.
#NIGHT