[Murphy: BTC Cost Structure Changes After 10.11 Crash, Long-Term Holders Distribute Heavily] On-chain data analyst Murphy pointed out that after the 10.11 crash, BTC's cost structure changed, with 2.536 million BTC accumulating in the $80,000 to $90,000 range, an increase of 1.874 million BTC. Currently, there are 6.168 million BTC in unrealized losses above this level and 7.462 million BTC in unrealized gains below, with the structure tending toward balance. From 10.11 to December 20, the number of profitable positions decreased by 1.33 million BTC, while positions trapped above the $110,000 cost level decreased by 902,000 BTC. Long-term holders are distributing heavily, with the largest sell-off occurring in the $60,000 to $70,000 range, mostly accumulated before the 2024 U.S. presidential election. Only 190,000 BTC remain in the $70,000 to $80,000 range, which could provide support if prices fall to this level.