The chip accumulation zone of $61k–$65k significantly decreased by 210,000 BTC this week, shifting to the $80k–$85k range—low-to-high rotation. Isn’t this a massive profit-taking event? But in reality, it isn’t. Xiao Bei believes “this BTC turnover is not a normal economic behavior”—a judgment that is both highly experienced and precisely accurate. Let’s examine two sets of data: When low-price chips move to higher prices, they inevitably leave behind massive realized profits on-chain. Indeed, on October 22, the STH-SOPR (Short-Term Holder Spent Profit Ratio) spiked dramatically. However, the STH realized profit after entity adjustment—excluding internal transfers within the same entity—showed no reaction whatsoever. This proves that the movement of these chips is most likely an internal position reallocation by an institution, not genuine selling—no cause for concern. ---------------------------------------------- Xiao Bei @market_beggar is an exceptional blogger in the Chinese-speaking X community. I’ve witnessed him grow from a few hundred followers to his current status through relentless effort and dedication. His tweets are sharply insightful and highly professional, adopting a “teaching-oriented + systematic” style rather than speculative calls or emotional outbursts. Particularly distinctive is his approach to interpreting market movements through concepts like Liquidity and Stop Hunt—unique, practical, and grounded in real-world trading. If you’re a newcomer to the space and wish to avoid excessive noise, he is the second blogger I highly recommend you follow. ---------------------------------------------- Finally, a quick preview: Tomorrow, I’ll publish a brand-new post on chip structure, exploring the “depth of this cycle’s correction theory” from a fresh perspective. Stay tuned if you’re interested.