According to CoinMeta, as reported by A early in 2021, analyst Murphy pointed out that there were 890,000 bitcoins concentrated at the price of $63,000 and 710,000 bitcoins concentrated at the price of $62,000, which together accounted for about 8% of the circulating supply. This level of concentration is similar to that on the eve of the FTX event in 2022 and could easily trigger sharp fluctuations. Jiang Zhuoer stated that if the Clarity legislation cannot be passed before the congressional recess, Bitcoin may complete its final decline towards a bear market bottom.