The operation of BTC chip structure and possible trend capture Using URPD on chain data, i.e. UTXO, the implemented price distribution clearly reflects the price range of BTC in circulation at the last movement. Simply put, it is the price distribution chart of chips on the BTC chain. Many analysts use URPD data to analyze the cost, support, or pressure of chips, including the daily updated position distribution chart by Dashen. In fact, Dashen @ Phyrex-Ni can summarize the emotional changes of holders by stage time or interval distribution and combine it with macro explanations, which is estimated to be more intuitive. Of course, this is adding workload to the master, haha. Let's get back to the main topic. The K-line trend of URPD data has been plotted on Binance for your reference 1. Let's first take a look at November 12, 2024, during the initial period of price increase, the distribution of BTC chips was mainly concentrated in the range of 56000-69000, and there were not many chips above 73000. 2. With the rising sentiment of the general election, Trump's embrace of encryption, inauguration, and suspension of interest rate reduction, Trump is engaged in tariffs, that is, the distribution of BTC chips on February 3, 2025. At this time, the BTC chips are mainly more than 93000, and the chips in the 56-69 range are less. 3. As tariffs enter the dominant market sentiment and temporarily intensify towards the end, by April 21st, the chips above 93000 have decreased but remain strong, with the reduced chips in the range of 75000 to 89000. 4. The so-called price cannot only rise and not fall, nor can it only fall and not rise. The tariff situation has reached a temporary turning point. China and the United States have reached a trade agreement, and the time is 5.8. It is estimated that I do not need to list URPD data. As you know from the K-line, the chips in the 75-89 range have moved to the 93-98 range 5. Since 5.8, with favorable factors such as the stablecoin bill, prices have further risen. The chips in the previous 75-89 and 93-98 ranges have all moved above 100000, especially with the accumulation of over 1 million chips in the 104-105 range Seeing this, it is impossible for prices to only rise and not fall, nor can they only fall and not rise. Let's not talk about macro, interest rate cuts, tariffs, and geopolitical events, but only look at the operation of the chip structure and find patterns from before. Moreover, the recent rebound height has been repeatedly discounted. This morning, it has already touched the top of the gray box, which is $98500. At the same time, I recommend my friends to read this article by Brother M @ Murphychen888. We have reached the key point: https://(x.com)/murphychen888/status/1936666996713853093? s=46&t=RG0LS-mo1TVIb41KrUfzgA Combined with macro, geopolitical, tariff, inflation, and interest rate cuts What conditions can be met to quickly break free from the 104-105 range and reach above 111000 or even higher, digesting the accumulation of chips above 100000 Is the Middle East geopolitics coming to a rapid end? Interest rate cut in July? Will the end of tariffs have no impact? Can these be achieved in a short period of time, that is, 1-2 months? And it needs to bring a huge amount of liquidity to boost prices, which means all chips below 110000 are profitable. How much does it cost and how much emotion can be stimulated? Can it be done in a short period of 1-2 months? If not, then the operational trend of BTC chip structure is self-evident. The above is for reference only and not intended as investment advice. Thank you