Bitcoin Chip Concentration Reaches 17.6%, Highest in Nearly Two Years

Bitcoin's chip concentration within a 5% range of spot price hit 17.6% on Nov. 1, the highest level in nearly two years, analyst Murphy said. The metric previously reached 15% on Sept. 30, shortly before BTC rebounded toward its prior all-time high. Historical data show concentration levels above 13% have occurred eight times over the past two years, each followed by price movements of varying magnitude.