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Overall Situation Analysis Currently, in the $61,000–$65,000 range, over 2.4 million $BTC are held, accounting for 12% of the circulating supply. Around $63,000 alone, there are 1 million $BTC stacked, making up 5.2% of the circulating supply, with concentration of holdings at a historically rare level. Comparing to history: From May to November 2024, after the ETF rally ended, $BTC adjusted for half a year. Later, before the rise from $60,000 to $100,000, there was also a massive accumulation of chips on-chain in the $50,000–$60,000 range. In July, AI trading collectively deleveraged, with the Nasdaq 100 dropping 7%, while the S&P 500 barely moved. As AI hype subsides, the attractiveness of allocating to crypto assets has increased, potentially leading to a capital inflow.