According to CoinMeta, on-chain analyst Murphy pointed out that Bitcoin has accumulated 890,000 BTC at the price level of $63,000. If we do not include the 550,000 Coinbase that are locked in the range of $83,000 to $84,000, the total accumulation at this price level exceeds 1 million, which is about 5% of the total circulating supply. Currently, the combined volume at $62,000 and $63,000 accounts for about 8% of the circulating supply, and the concentration of chips within a 5% range of the spot price has risen to 13%, surpassing the level from May and entering a warning zone. Excessively high chip concentration leads to increased price sensitivity, and the large amount of short-term chips accumulated around $63,000 constitutes a potential trigger for volatility. The market is in a state where a sharp directional shift could occur at any time.