Supply and demand in the chip structure — Review + Future Projections A month ago, with the U.S. stock market pulling back, MicroStrategy selling coins, oil prices rebounding, and all kinds of bearish news, why didn’t BTC drop? Because the chip structure limited the downward momentum! In the $62k-$64k range, over 2 million BTC accumulated and changed hands in a concentrated manner within a short period, making everyone’s cost basis roughly the same. For example, if you bought BTC at $62k and it dropped to $58k, would you sell? I think the odds are you wouldn’t. If you think this way, others probably do too. So, as long as no one sells, no matter how much macro liquidity shrinks or demand dries up, the price won’t fall. After nearly two months of low-volatility sideways movement, BTC surged from $64k to $75k in just three days. Why did it rise so quickly? It’s still the structural advantage of chip distribution! Look, during these few days, the $63k chip column barely moved, while the $68k-$74k chip column remained very thin. This reveals two points: 1. The surge was so fast that there was no chance for chips to change hands; those who didn’t buy earlier almost couldn’t get in. 2. Chips in the concentrated zone didn’t rush to sell during the rally. If there’s no selling pressure, even a small amount of buying power can push the price up; I don’t need to explain this further, right? Essentially, price is determined by supply and demand. And chip structure is the clearest expression of supply and demand. Looking ahead, here are my thoughts: 1⃣ Rapid price surges are often unsustainable. When the price reaches a certain height, chips will start to loosen. 2⃣ Once chips begin to loosen, the price will stabilize or even pull back. A new chip concentration zone will then form. 3⃣ If not, we’ll need to test the firmness and support of the $62k-$63k concentration zone again. 4⃣ After this round, the likelihood of a significant drop below the support zone is decreasing. 5⃣ For those still waiting for $40k/$30k, the chances of missing out on the next cycle are growing exponentially.