As expected, ongoing geopolitical conflicts are bringing more uncertainty to risk markets. Looking at behavioral trends across different on-chain groups, whales who were actively accumulating chips in February are now becoming cautious. Meanwhile, smaller groups holding fewer than 100 BTC have all shifted to distribution (Figure 1). From the chart, we can see that after the last two similar shifts occurred, BTC's price was negatively impacted—either weak consolidation or consecutive pullbacks. Looking at the chip structure (Figure 2), the most intense battle between bulls and bears is currently around $66,000-$67,000, with a total of 607,000 BTC changing hands at this level. Therefore, this is the most critical support level for bulls. If it’s lost, the situation ahead will become increasingly unpredictable. This is because the next relatively significant chip column is around $16,000, and there’s no clear consensus zone with substantial chip accumulation in between.