Analyst: The recent selling pressure on Bitcoin has mainly come from locking up chips, with bulls exhibiting a "pyramid buying" behavior during the decline According to BlockBeats, on February 4th, blockchain data analyst Murphy posted on social media that Bitcoin quickly fell to $73000 on February 4th after hitting a high of $97000 on January 15th, breaking through the psychological support of $80000. Under the dominance of panic, the top locked chips (above $80000) saw a net decrease of over 610000 within 20 days, accounting for 88% of the total outflow and becoming the main source of selling pressure. However, on chain URPD data reveals significant structural changes: the selling pressure of profitable chips by long-term holders has significantly decreased (accounting for only 9.7% of the decrease), indicating a clear reluctance among long-term holders to sell. At the same time, there was strong buying activity in the $70000- $80000 range, with a net purchase of approximately 450000 BTC, almost twice the amount accepted in the $80000- $90000 range, indicating that funds are "buying more and more as they fall" and are using real gold and silver for layered resistance. Murphy stated that the difference between this cycle and previous ones is that bulls have shown sustained and layered defense during the decline, with chip intensive areas gradually moving downwards rather than collapsing in a discontinuous manner. Although there are pessimistic predictions in the market that the bear bottom will reach $50000 or $30000, once the bears compress their bullish defenses to the extreme, accompanied by weak supply, the market may face a strong counterattack from bullish forces.