ChainCatcher report: Cryptocurrency analyst Murphy noted that Bitcoin’s URPD (UTXO Realized Price Distribution) data shows a high concentration of 890,000 BTC at $63,000 and 710,000 BTC at $62,000, totaling approximately 8% of the circulating supply—significantly higher than typical levels. Murphy believes this concentration resembles the pattern observed just before the FTX collapse in 2022. Such high concentration increases Bitcoin’s price sensitivity, making it prone to sharp volatility and potentially triggering a violent reallocation, which could serve as a key directional signal near the end of a bear market. In response, Jiang Zhuo’er commented that if the CLARITY Act fails to pass before Congress adjourns, Bitcoin may complete its final decline to the bear market bottom.
Analyst: BTC's Current UTXO Concentration Similar to FTX Collapse, May Signal Final Bear Market Drop
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Summary
Analyst Murphy noted that the BTC price shows a UTXO realized price distribution with 890,000 BTC at $63,000 and 710,000 BTC at $62,000, accounting for 8% of the total supply. This pattern resembles the FTX collapse, signaling potential volatility. Jiang Zhuoer warned that if the CLARITY Act fails, BTC could reach a final bear market low. Altcoins under observation may also face downward pressure amid regulatory uncertainty.
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