Huo Xing Cai Jing reports that crypto 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 seen 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 drop to the bear market bottom.
Analyst: BTC’s Current UTXO Concentration Mirrors That Before the FTX Collapse, May Signal the Final Bear Market Decline
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Summary
BTC price faces potential volatility as UTXO concentration mirrors pre-FTX levels, according to Murphy’s analysis. Over 1.6 million BTC are clustered near $62,000–$63,000, accounting for 8% of the supply. Jiang Zhuoer warned that a stalled CLARITY Act could trigger shifts in BTC dominance and a final bear market leg.
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