On-Chain Analyst Murphy: Bitcoin Cost Basis Significantly Shifts After October 11 Sell-Off

On-chain analyst Murphy said Bitcoin’s cost distribution has shifted sharply since the October 11 sell-off, which he views as the start of the current downturn. BlockBeats data shows 2.536 million BTC now concentrated between $80,000 and $90,000—up 1.874 million BTC since October 11—with additional buildup in the $90,000–$110,000 range. Murphy noted the market is nearing a balanced structure, with 6.168 million BTC in unrealized losses versus 7.462 million in unrealized gains, attributing recent selling to long-term profit-taking driven by cycle dynamics, macro uncertainty, and concerns such as quantum risk.