The average price of STH is accelerating its decline, and the patience test is officially coming Today, let's take a look at the distribution of BTC's on chain chips, the total selling pressure of spot stocks, the market average price, and the average price of STH (Figure 1) with our brothers. The difference between the two is only 1206 ❗ ️ ❗ ️ ❗ ️ It is obvious that the slope of STH has started to accelerate downwards, indicating that a considerable number of short-term holders of STH have become impatient and started to chase after the rise, lowering the average price. The average price has dropped from around 80500 to around 79362. Combined with the blue line in Figure 2, where the loss making profit address continues to climb, it can be seen that the two have begun to switch hands From the perspective of selling pressure, the current price of pancakes is close to the lower edge of the main secondary distribution range. The closer the price is to 80000 yuan, the more real the supply will be The rebound from around 66K to 79K indicates a slow increase in the total movement of loss and profit addresses on the chain (blue line in Figure 2). This suggests that the rebound did not eliminate selling pressure, but rather awakened some chips There are mainly two types of people selling: 1. Short term players who were previously trapped - when the price returns to the cost zone, use the rebound as a window to reduce positions 2. Low or long-term holding of profitable chips - obtaining 79k from 66k is already enough for them to cash in profits The roughest misjudgment in the current market is to assume that there is no pressure above when prices rise and ETFs flow in. Chain data and chip structure do not support this view. The closer the rebound is to the short-term cost line, the more chips will be triggered to move Stay tuned and patiently wait for more bottom signals to trigger, 77800 ✊✊