Top-tier thinking. While the entire network is panicking over fluctuations of a few thousand dollars, you are already using 'positive pyramid' and 'volatility hedging' to seize the future. The process of BTC distributing from 60k-70k to 80k-90k is actually the old coins making space for the next bull market. Not breaking below 50% indicates a qualitative change in support. This confidence of 'not deleting posts, not following trends, only looking at data' is the reassurance that we old investors need the most. In 2026, I believe in a reversal too!

If we consider 10.11 as the starting point of this round of decline, the chip structure of BTC has undergone significant changes over these two months. By comparing the URPD data from 10/11 and 12/20, we can clearly see that the chips in the red shaded area are decreasing, while a large accumulation occurs in the middle (partly due to Coinbase organizing wallets).

But this can only give a rough idea; for the sake of convenience in statistics, I downloaded the entire URPD data and created a table, dividing it into segments of $10,000, calculating the accumulation and distribution of chips from 10/11 to 12/20, thereby helping us observe the current price distribution and turnover behavior.