Analysts: On-chain data shows that this cycle exhibits highly unusual characteristics of "trading big players," with whales' costs concentrated in the $80,000-$85,000 range.

According to BlockBeats, on May 20th, analyst Murphy (@Murphychen888) posted on social media that, based on URPD data adjusted for wallet size, the cost distribution of whales and retail investors in the current market shows a significant divergence, exhibiting a drastically different asset structure compared to previous cycles. Data shows that super whales holding over 100,000 Bitcoins primarily have costs concentrated in the $80,000 to $85,000 range, with smaller distributions around $70,000 and $40,000. This means that at current price levels, super whales are generally operating at a loss. In the $65,000 to $120,000 range, the main holders are wallets holding 100 to 1,000 Bitcoins and 1,000 to 10,000 Bitcoins, with retail investors making up a smaller proportion in this range. In the $20,000 to $60,000 range, retail investors holding 0.1 to 1 Bitcoin and 1 to 10 Bitcoins dominate. In the price range below $20,000, large wallets (whales) are again the main holders. Analysis points out that in previous market cycles, large holders typically exited at the top, distributing their holdings to retail investors who bought at higher prices. The significant difference in this cycle is that these large holders are trapped at higher levels. Therefore, their subsequent decisions—whether they will collectively cut their losses and exit the market—will be a crucial variable in determining the depth of this bear market. As for retail investors in the $60,000 to $20,000 range, those who intended to sell have already cleared their positions, and those remaining are likely holding for the long term.