Flying Dragon Daily | Big Picture Analysis Over the past month, Bitcoin ($BTC) has been fluctuating in the $61K‑$65K range. According to on-chain data, over 2.4 million BTC have been consolidated, accounting for 12% of the circulating supply. Among them, around $63K has accumulated 1 million BTC, making up 5.2% of the circulating supply—bringing token concentration to historically rare levels. Looking back at history: June‑November 2022, after the 2021 bull market ended, the first half of the year saw a major drop, followed by a six-month adjustment from mid-year to November. Later, prices crashed from $21,480 to $15,476, with massive token accumulation appearing on-chain during that time as well. In July, AI-driven trading collectively de-leveraged, causing the Nasdaq 100 to drop 7%, while the S&P 500 barely moved. However, the Nasdaq is still at a high level, and there’s a chance of a crash at any time in the second half of the year. Meanwhile, Bitcoin’s weekly downtrend hasn’t fully played out yet—watch out for one last dip!