#密码资产动态追踪 Bitcoin Whales Quietly Relocating Positions

Interesting changes have been happening over the past 12 months. Large holders haven't aggressively sold off; instead, they're reallocating funds — approximately 220,000 BTC have changed hands in this process. Meanwhile, miners are genuinely struggling. Computing power growth has essentially stalled because current prices are still below their cost line. The breakeven point for miners to maintain production is roughly between $95,000 to $96,000.

There's a detail worth noting at the data level. BTC's one-year realized volatility has dropped to 42%, hitting a historical low. This low-volatility state is typically followed by several months of range-bound fluctuations before the next upward breakthrough.

From the perspective of position distribution, early-entry whales have averaged down their costs significantly, miners are struggling but haven't reached the point of forced capitulation. Newly arrived capital is accumulating around the $99,000 level, ready to lock in profits on any bounce.

To be frank, Bitcoin is facing real pressure right now, but it's far from a collapse scenario. This phase might be the energy-building period for the next round of upward momentum. Give it some time.