K33's report is quite interesting: loss-making supply skyrocketed from 30% to over 50%, calling the cycle bottom near 60k, but don't forget that in previous bear markets, it could take a year to grind through—cash is king, wait for the right side.

K33 states that recent sell-offs have caused over 50% of circulating BTC to be at an unrealized loss, with the last transaction price of over 10 million BTC above the current price. BTC falling below $60k and the 200-week moving average suggests that around $60,000 may be a cycle low, but historical data still shows room for further decline. Loss-making supply has increased from about 30% to over 50%, a level commonly seen at bear market bottoms. Global BTC ETF weekly outflows are approximately 22.84k BTC, with daily averages of 4,108 BTC, nearly ten times the issuance volume. The retracement is about 53%, and past major corrections often last a year, wiping out 76%-85%. It is recommended to be patient and invest without leverage, as bottoms often face sell-offs before recovery.