PANews reported on November 28th that, according to a BTC Cost Base Distribution (CBD) heatmap shared by analyst Murphy, the most concentrated areas of trading volume are currently $94,000-$98,000 and $101,000-$118,000, which correspond to the historical fair price ($98,000) and the average cost of short-term holders ($104,000), respectively, serving as important reference lines for bull and bear market transitions.

Furthermore, data shows that between November 21st and 23rd, 950,000 BTC accumulated in the $84,000-$85,000 range, of which 550,000 were related to Coinbase's wallet consolidation, and the remaining 400,000 were genuine transactions, possibly related to whale activity. CBD uses an address-based calculation method to provide an important reference for observing the distribution of tokens in the market.