Analysis: On-chain data shows that during the BTC downturn, large funds have not yet fled, with support appearing around $76,000.

May 20th: Analyst Murphy (@Murphychen888) posted on social media that Bitcoin posted five straight days of declines between May 15 and 19, shifting market sentiment from earlier fears of a potential long squeeze. Some investors now expect the token could fall back to the $40,000–$50,000 range. However, Bitcoin’s on-chain chip structure tells a different story about large funds’ attitudes. Per May 15 data, $66,000 and $78,000 are the two most concentrated turnover price levels—clear entry points for big funds. Notably, the $80,000 to $82,000 chip column is relatively thin: even though Bitcoin held in this range for nearly a week, turnover remained low, signaling funds grew cautious once the price crossed above $80k. By May 19, as the price slid, the $78k chip column didn’t decrease—it actually expanded. The most dramatic shift came at the $76k level: when Bitcoin first broke through this mark, there were roughly 200,000 chips at that price point, but when the price dipped back to $76k this time, chips surged to around 380,000. Analysts interpret this to mean funds that entered at $78k didn’t panic sell when their cost base was breached. Instead, when the price hit $76k, new capital stepped in to take over the position—an unambiguous signal of support. From a chip structure perspective, a reasonable pullback range is roughly between $78k and $66k. A secondary retracement into this zone that completes turnover is expected to make Bitcoin’s price structure more resilient. While the exact bottom is still hard to predict, the clear willingness of funds to intervene around $76k shows strong buying interest at the downside.