Many people want to understand, what is the current level of BTC's chip concentration?

Let's first look at a recent set of on-chain data, which is quite interesting. From mid-December to the end of the month, the average USD value of a single BTC transaction showed a significant decline—on the 14th, the daily average was about $46,610, and by the 30th, it dropped directly to $24,897, a decrease of over 40%. Meanwhile, the price of BTC remained quite stable, basically ranging between 87,000 and 88,000.

This contrast is worth pondering. Transaction sizes shrank but price support remained unchanged—what does this indicate? Participants' trading behavior is indeed undergoing subtle changes. Large transactions decreased, small transactions increased. This structural shift often signals a change in market participants' sentiment. The looseness of chip distribution might be more pronounced than we imagine.