History doesn't simply repeat itself, but the chip structure is indeed speaking — if the number of 10.6 million tokens appears for the third time, the market will have to reprice in panic.

BlockBeats reports that analyst Murphy pointed out that during the two bear market bottoms in February 2019 and January 2022, the loss amount of BTC was 10.6 million coins each time. If this pattern continues in the current bear market, the bottom may be around $60k. As the circulating loss amount reaches a critical level, the supply side may become exhausted, making it difficult for the price to decline further. On February 5, 2026, when BTC dropped to $60k, the loss amount was nearly 9.93 million coins; if it returns to $60k again, the current chip structure's loss amount will reach 10.6 million coins, possibly coinciding with the previous bear market bottom.