BlockBeats News, May 20th - Analyst Murphy (@Murphychen888) posted on social media, stating that according to URPD data divided by wallet size after entity-adjusted, the current market shows a significant differentiation in cost distribution between whales and retail investors. This cycle has presented a chip structure feature that is markedly different from the past.

The data shows that whales holding over 100,000 bitcoins have their costs mainly concentrated in the $80,000 to $85,000 range, with a smaller distribution around $70,000 and $40,000. This implies that at the current price level, the whale group is overall at a loss.

In the $65,000 to $120,000 range, the main holding groups are wallets with 100 to 1,000 bitcoins and 1,000 to 10,000 bitcoins, with a low proportion of retail investors in this range. In the $20,000 to $60,000 range, the dominant holders are retail investors with 0.1 to 1 bitcoin and 1 to 10 bitcoins. Below $20,000, the whale group once again represents the main holders.

The analysis points out that in past market cycles, it was usually large holders who dumped at the top, distributing chips to retail investors who bought the highs. The significant difference in this cycle is that the large holder group is trapped in a high-range position. Therefore, the subsequent decisions of these trapped whales, whether to collectively stop-loss and exit, will be a key variable in determining the depth of this bear market cycle. As for the retail investor group in the $60,000 to $20,000 range, those intending to sell have already cleared their holdings, and the remaining chips are highly likely to have entered a long-term holding state.