Just checked the data from CryptoQuant, unrealized losses for Bitcoin have already exceeded 39% after today's decline. This means the majority of buyers are currently in the red, which is quite serious. But according to analysis, the market is still in a positive pressure phase, not yet at the stage of total surrender. So there is still room for recovery before a real crash occurs.

What’s interesting is that historical data shows this unrealized loss indicator has once exceeded 40% during the bottoms of the 2018 and 2022 bear markets. Levels like this usually indicate weak positions are being gradually wiped out, and it often signals that we are close to the cycle low. So it can be said that we are currently in an "early testing" phase, as analysts call it, not the final phase.