Bitcoin Holds Support at 65th Percentile Cost Basis Amid Chip Redistribution

Bitcoin's CBD Quantiles curve shows significant chip redistribution underway, on-chain analyst Murphy said on November 26. When BTC dropped below $100,000, high-position chips at the 75th percentile rapidly moved downward while low-position chips at the 65th percentile simultaneously moved upward, indicating a market shakeout with higher-cost holders absorbed by lower-cost capital. The current BTC price holds support at the purple line—representing the cost basis below which 65% of addresses hold BTC—with 65% of on-chain addresses remaining profitable, though this includes some long-term inactive or frozen addresses such as Satoshi's holdings. In the previous cycle, Bitcoin entered a prolonged downtrend after the 65th percentile support was breached, with new capital forced into lower percentiles as prices declined.