Analysis: Bitcoin's coin concentration rises to 14.8%, volatility risks are building up

Independent analyst Murphy posted a note stating that Bitcoin’s (BTC) concentration of holdings has risen to 14.8%, approaching what he calls the "high-risk zone". He noted that this risk does not mean BTC’s price will definitely rise or fall, but rather that market volatility is likely to intensify. Based on historical data, when the concentration curve starts to reverse, if BTC’s price was in an uptrend before, the probability of further upward volatility is higher; conversely, if the price was in a downtrend, the likelihood of continued downward movement is greater. However, the concentration curve is still rising, so it is temporarily impossible to determine which direction BTC is more likely to move next, but market risks are accumulating and volatility may be brewing.