Murphy: BTC chips bought in 2025 have been reduced by 41.5%

According to the chain analyst Murphy, approximately 4.77 million BTC chips were bought in 2025, a 41.5 per cent decrease from the peak of last December. The reduction in the size of the chips in 2025 reflects the sale of meat by the holders, a group that is the largest potential supplier to the current market. By contrast, the BTC chips formed in 2024, 2023 and 2022 have almost completed the release of the high-position pallet. With reference to the historical cycle, a 50-60 per cent reduction in high-value chips in 2025 is likely, and 41.5 per cent of the current reduction still leaves room for release, but this judgement does not take into account the BTC purchased by institutions such as FETF and Micro-Tactics。