Murphy: BTC chips bought in 2025 have decreased by 41.5%

Chain analyst Murphy stated that there are approximately 4.77 million BTC chips left to be bought in 2025, a 41.5% decrease from the peak in December last year. The reduction in chip size by 2025 reflects the selling of shares by holders, who are currently the largest potential supply side in the market. In contrast, BTC chips formed in 2024, 2023, and 2022 have basically completed the release of high-level lock ups. Referring to the historical cycle, the decrease in high-level chips in 2025 may be in the range of 50% -60%. Currently, there is still room for the release of the 41.5% decline, but this judgment does not take into account BTC bought by spot ETFs and MicroStrategy institutions.