Oh my goodness, just a few days without checking the on-chain data, and I’m shook after taking a look. The URPD chart shows a massive spike at the $63,000 level—an absolute tower! As of today, it’s accumulated a whopping 890k $BTC. From what I remember, such intense tug-of-war at a single price level hasn’t happened since late 2025 until now. If it weren’t for Coinbase locking up 550k $BTC in the $83,000-$84,000 range, the $63,000 level would probably already have surpassed 1 million $BTC by now. What does 1 million $BTC mean? That’s 5% of the total circulating supply. Historically, whenever we’ve seen this kind of scale, it’s almost always followed by a major shake-up. Why? Because when short-term holdings are too concentrated, price sensitivity skyrockets. Back in late October 2022, right before the FTX collapse, there were 1 million $BTC at $19,000 and another 870k $BTC at $18,000. Combined, those two levels accounted for 9.7% of the total circulating supply. We all know what happened next. One triggering event, combined with the fragility of the holding structure, led to massive volatility. Now, $62,000 and $63,000 combined already account for 8%... (Oh, by the way, the current concentration ratio has hit 13%, officially entering the danger zone. Just 2% away from 15%!) Alright, let’s just rip the Band-Aid off already!