Analyst: BTC short-term holders are re-pricing their positions, with support emerging in the $75,000-$78,000 range
On-chain analyst Murphy pointed out that as of October 31, the total supply of short-term holders (STH, entity-adjusted) of BTC is 2.2353 million, of which 1.147 million are in a state of loss, accounting for 51.3%. The holding cost of STH shows a bimodal structure, with 1.145 million concentrated in the high-cost area of $78,000-$86,000 (accounting for 51.2% of the total STH), and 556,000 concentrated in the low-cost area of $60,000-$65,000 (accounting for 24.9%).
The reduction of low-cost chips in September was the fastest, with an average daily net decrease of 6,733 coins, which significantly slowed down in October. After the Binance security incident, a reversal occurred: the high-cost chips in the range of $78,000-$87,000, which had been continuously increasing, began to decrease, while the range of $75,000-$78,000 saw a net increase of 90,000 coins within two days. Analysts believe that the black swan event accelerated the turnover and repricing of chips, forming a certain support in the $75,000-$78,000 range, which helps alleviate panic and creates resistance to declines, but is still insufficient to confirm the strength to drive the next round of increases.