What can be inferred from 921,000 chips clustering around $83,000? Don’t directly translate “chip concentration” into support or bullishness.
According to a report by Rhythm on October 22 (Beijing time), analyst Murphy said BTC accumulated about 921,000 chips around $83,000, approaching 1 million; the last time a similar scale appeared was on August 3 this year, when there were about 1.05 million. The report also noted that on October 8, BTC entered the first chip gap zone below $83,000, and after the price returned to that area, a new round of turnover occurred.
This kind of distribution data describes where chips are concentrated; it does not mean these holders will necessarily buy or sell here. Murphy believes that after encountering resistance on a downside attempt, the price may once again seek the direction with less resistance to the upside; this is an analytical judgment, not a confirmed trend. The report also states that about 550,000 BTC were related to Coinbase wallet reorganization from a year ago, but how much actually remains is unclear; analysts estimate it may only be 100,000 to 200,000.
For $BTC , the key is not the 921,000 figure itself, but how trading turns over around $83,000 afterward and whether the price continues to face resistance. To determine whether support or pressure in this area is effective, more evidence such as real-time chip changes and sustained trading volume is still needed. $ETH is not the subject of this analysis and should not be forced into comparison.
Source: Rhythm, October 22 (Beijing time).
According to a report by Rhythm on October 22 (Beijing time), analyst Murphy said BTC accumulated about 921,000 chips around $83,000, approaching 1 million; the last time a similar scale appeared was on August 3 this year, when there were about 1.05 million. The report also noted that on October 8, BTC entered the first chip gap zone below $83,000, and after the price returned to that area, a new round of turnover occurred.
This kind of distribution data describes where chips are concentrated; it does not mean these holders will necessarily buy or sell here. Murphy believes that after encountering resistance on a downside attempt, the price may once again seek the direction with less resistance to the upside; this is an analytical judgment, not a confirmed trend. The report also states that about 550,000 BTC were related to Coinbase wallet reorganization from a year ago, but how much actually remains is unclear; analysts estimate it may only be 100,000 to 200,000.
For $BTC , the key is not the 921,000 figure itself, but how trading turns over around $83,000 afterward and whether the price continues to face resistance. To determine whether support or pressure in this area is effective, more evidence such as real-time chip changes and sustained trading volume is still needed. $ETH is not the subject of this analysis and should not be forced into comparison.
Source: Rhythm, October 22 (Beijing time).