Bitcoin's price structure has shifted significantly following the October 11 crash, with on-chain data revealing substantial selling activity by long-term holders. Between October 11 and December 20, approximately 1.33 million coins were sold for profit, while 902,000 BTC were offloaded at costs exceeding $110,000. The dominance of Bitcoin in the $80,000–$90,000 range increased by 1.874 million, whereas the $70,000–$80,000 range remains sparse with only 190,000 BTC. This sell-off is attributed to concerns over the four-year cycle and macroeconomic risks.