Analysis: The BTC chip structure is rapidly tightening, and a potential significant fluctuation is imminent. This summary is generated by AI. Analyst Murphy pointed out that the concentration of chips within a 5% range of the current BTC spot price has reached 17.6%, hitting a two-year high, indicating that market energy is accumulating and a significant fluctuation is approaching. Historical data shows that when the concentration exceeds 13%, BTC usually experiences volatility. According to BlockBeats news, on November 1, analyst Murphy stated that the concentration of chips within a 5% range of the current BTC spot price has risen to 17.6%, setting a new high in nearly two years, meaning the chip structure is rapidly tightening, and after energy accumulation, a significant fluctuation is imminent. On September 30, the concentration of chips within a 5% range of BTC spot price rose to 15%, and shortly thereafter, BTC experienced a strong rebound that broke through the historical high. In the past two years, there have been 8 instances where the concentration exceeded 13%, and subsequently, BTC showed varying degrees of volatility. However, volatility measures the amplitude of price changes, not the direction; rises and falls are chaotic and irregular, but what is certain is that a significant fluctuation is approaching. This analysis is for educational communication purposes only and should not be considered investment advice.