Analysis: The Bitcoin chip structure is rapidly tightening, and a potential significant fluctuation is imminent

Analyst Murphy posted that the current concentration of chips within a 5% range of the BTC spot price has risen to 17.6%, reaching the highest level in nearly two years. This indicates that the chip structure is tightening rapidly, and after the accumulation of energy, a potential significant volatility is imminent.

On September 30, the concentration of chips within a 5% range of the BTC spot price rose to 15%. Shortly after, BTC experienced a strong rebound that broke through its historical high. Looking at the performance of this data over the past two years, there have been 8 instances where the concentration exceeded 13%, and BTC subsequently experienced varying degrees of volatility. However, volatility measures the amplitude of price changes rather than direction; the rise and fall are chaotic and unpredictable. What is more certain is that significant volatility is approaching.