Retail investors sold 100,000 addresses, mid-size holders bucked the trend and gained 14,000 BTC

According to Woofun AI, the Bitcoin price has been running below $75,000 for most of the time, and the total number of holding addresses has shrunk by 108,700 since peaking at 5999 million on the 16th of last month, and the market shows typical chip redistribution characteristics.

This structural change stems from the diversification of investors of different sizes. Most of those leaving the market are small accounts holding less than 1 Bitcoin, while mid-sized holders are bucking the trend. According to data compiled by Woofun AI, in the past two weeks, medium-sized accounts holding 1 to 100 bitcoins have increased their total holdings by 14,207, of which accounts holding 10 to 100 have increased their holdings by 4,131.

Despite the sell-off pressure, blockchain analyst Santiment points out that historically individual investors' sell-offs often indicate a major rebound. If selling pressure is released and prices stabilize, the trend may reverse. At the same time, financial pressure has not abated. As of the 6th, the US Bitcoin Spot ETF had a cumulative net outflow of about 1,282 million US dollars and an outflow of about 210 million US dollars on the 9th. The selling pressure is still significant.

The next key variable in the market is the US October CPI data released on the 10th. This indicator will directly affect the Fed's interest rate expectations. Investors are closely watching the strength of support from the recent low of $73,500 and whether Bitcoin can return to the $75,000 level. According to Santiment's analysis, if Bitcoin stabilizes around $75,000 and mid-sized accounts continue to buy, the price is expected to rise back to the $78,000 to $80,000 range, thus confirming the bottoming phase. This is a typical path for the market to seek a new balance through chip concentration following the previous turmoil.