Bitcoin's Chip Concentration Reaches 8%, Possible Last Drop Before Bear Market Ends

On August 1, Bitcoin's URPD data showed that the concentration of chips at the $63,000 level reached 890,000 coins, while at the $62,000 level, it was 710,000 coins, together accounting for about 8% of the circulating supply. Analyst Murphy pointed out that the current data is similar to the concentration levels just before the FTX incident in 2022. High concentration increases Bitcoin's price sensitivity, making it prone to sharp fluctuations, which could lead to violent redistribution and become an important directional choice at the end of the bear market. Jiang Zhuoer commented that if the CLARITY Act cannot be passed before Congress goes on recess, Bitcoin may complete its final drop to the bear market bottom.

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