Bitcoin Spot Chip Concentration Rises to 12% in 5% Price Range, Up from 10% in May

BTC-1.11%
According to analyst Murphy cited by BlockBeats, Bitcoin spot market chip concentration within a 5% price range rose to 12% as of July 28, up from 10% in May. The metric measures the density of holdings in a specific price zone; when concentration is high, minor price movements can trigger larger volatility as concentrated holders reposition. Historical data shows concentration exceeded 15% in November 2025 (18%) and January 2026 (16%), levels typically associated with major price moves.
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