Analyst: On chain data shows that this cycle has exhibited extremely abnormal "big spender" characteristics, with whale costs concentrated in the $80000 to $85000 range BlockBeats news, on May 20th, analyst Murphy (@ Murphychen888) posted on social media that according to the URPD data divided by wallet size after entity adjustment, the cost distribution of whales and retail investors in the current market shows significant differentiation, and this cycle has seen a completely different chip structure from before. Data shows that the cost of super whales holding over 100000 bitcoins is mainly concentrated in the range of $80000 to $85000, followed by a small distribution around $70000 and $40000. This means that at the current price level, the overall super whale population is in a loss making state. In the range of $65000 to $120000, the main holding groups are wallets with sizes of 100 to 1000 and 1000 to 10000, with a relatively low proportion of retail investors in this range. In the range of $20000 to $60000, retail investors holding 0.1 to 1 and 1 to 10 coins dominate. Within the range of $20000 or less, the whale group of large wallets will once again be the main holders. Analysis points out that in previous market cycles, it was usually large holders who fled to the top and distributed their chips to retail investors who chased after higher prices. The significant difference in this cycle is that the large household group is trapped in the high range. Therefore, whether these heavily trapped investors will collectively stop losses and exit the market will become an important variable in determining the depth of this bear market. As for the retail group in the range of 60000 to 20000 US dollars, the positions intended for sale have already been cleared, and the remaining chips are likely to have entered a long-term holding state. [Original link]