$BTC Conclusion:

The 80% profit-taking chip ratio is the current market's ceiling for absorption.
The previous judgment remains unchanged:
When more than 80% of the supply chips in the market are in profit, it means that the supply ready for realization becomes extremely large.

Without sufficiently strong and sustained incremental buying to absorb this, such a structure often turns any upward move into an exit for profit-taking— the faster the rise, the more concentrated the selling pressure.

ETH: Short squeeze pushes profit chips to the top, but absorption hasn't kept up
In the last short squeeze, ETH's Supply in Profit has already broken through 80% (corresponding to the green zone in the chart, with the latest value also around ~0.80).

This type of rally is more like a passive replenishment on the leverage side + price acceleration, rather than continuous absorption on the spot side.

The result is:
When the price hits the resistance zone, the market immediately reveals the same problem—profit chips are willing to sell, but the opposing side isn't strong enough, so the rebound easily turns into a "push up, send down" scenario.

BTC: The upper short-squeeze wall is still there, 98k remains a strong resistance
From the on-chain chip distribution, the 100k+ trapped chips are densely stacked:
The last small rebound made these high-level chips more inclined to wait for a short squeeze, but the key point is;
The current market does not show willingness to continuously absorb this short-term supply at high levels.

Therefore, the most natural resistance in the structure still lies near the short-term holder's cost line (~98k):
This area is also compounded with dual supply pressures—short-term cost short-squeeze positions and trapped positions above waiting to sell.

Main tone: It is not surprising that the rebound hits the resistance level and then falls back;
The chip structure is telling the market;
When absorption is insufficient, the 80% profit chip ratio is the ceiling for upward movement.