727 FinancePANews November 1 news: On-chain analyst Murphy posted that as of October 31, the total supply held by BTC short-term holders (STH, entity-adjusted) was 2.2353 million BTC, of which 1.147 million were in unrealized loss, accounting for 51.3%. The STH cost basis shows a bimodal structure: the high-cost zone of $78,000-$86,000 concentrates 1.145 million BTC (51.2% of total STH supply), while the low-cost zone of $60,000-$65,000 concentrates 556,000 BTC (24.9%). Low-cost coins declined fastest in September, with a daily net decrease of 6,733, and slowed markedly in October. A reversal occurred after the Binance security incident: the previously continuously increasing high-cost coins in the $78,000-$87,000 range began to decline, while the $75,000-$78,000 range saw a net increase of 90,000 BTC within two days.
The analysis suggests that the black swan event accelerated coin turnover and repricing. The $75,000-$78,000 range has formed a certain absorptive capacity, helping to ease panic and acting as resistance to further declines, but it is not yet sufficient to confirm the strength to drive the next rally.