The $61k-$65k BTC accumulation zone saw a significant decrease this week (210,000 BTC), moving to the $80k-$85k range. This low-to-high exchange – doesn't this seem like massive profit-taking? However, this isn't actually the case. Xiao Bei believes that "this BTC turnover is not normal economic behavior" – a very experienced and accurate judgment! Let's look at two sets of data: The transfer of low-priced BTC to high-priced BTC inevitably leaves a huge amount of realized profit on-chain. Therefore, we see that on October 22nd, the STH-SOPR (Short-Term Holder Spend Profit Margin) indeed skyrocketed. However, the STH realized profit, adjusted for entity changes (excluding internal transfers within the same entity), showed no change on the same day. This proves that this movement of BTC is likely an internal position adjustment within an institution, rather than a genuine sale, and there's no need to worry. ---------------------------------------------- Xiao Bei (@market_beggar) is a rare and excellent blogger in the X Chinese community. I've witnessed him grow from a few hundred followers to where he is today through his own hard work and perseverance. His tweets are insightful and highly professional, leaning towards an "educational + systematic" style rather than simply offering trading signals or emotional outpourings. Especially his methods for interpreting market trends from trading perspectives like Liquidity and Stop Hunt are unique and highly practical. If you're a newcomer to the market and want to avoid too much noise, then he's the second blogger I recommend following. ---------------------------------------------- Finally, a quick announcement: tomorrow I'll be releasing a tweet from a completely new perspective, but still about price structure, involving a discussion of the "theoretical depth of this round of pullback." Those interested are welcome to read it.