#密码资产动态追踪 Bitcoin whales are quietly repositioning

Interesting changes have been happening over the past 12 months. Large holders are not aggressively selling off but are reallocating their funds—approximately 220,000 BTC have changed hands in this process. Meanwhile, miners are indeed facing tough times. Hash rate growth has basically stalled because current prices are still below their cost basis. Miners can break even at around $95,000 to $96,000.

On the data side, there's a detail worth noting. BTC's one-year implied volatility has dropped to 42%, a historic low. Such low volatility periods are usually followed by several months of range-bound trading before a new upward breakout.

From the distribution of holdings, early entrants have already spread their costs very low, and although miners are struggling, they haven't reached the point of forced liquidation. Newly entering funds are waiting around $99,000, ready to lock in profits during a rebound.

To put it simply, Bitcoin's current pressure is real but far from a collapse scenario. This phase might actually be a buildup period for the next rally. Give it some time.