On-chain data shows that since June, the panic sell pressure in the Bitcoin market has been releasing in an orderly manner. Analyst Murphy said that by tracking the 7-day net position change in realized market value, the current RC indicator has continued to stay in a deep negative range, meaning a large amount of BTC is changing hands at a loss, which is typically seen as a signal of a phase of “capitulation.” Looking back at the previous cycle, it took 261 days from capitulation to complete digestion; and in this cycle, since it was first triggered in January this year up to now, it has already run for 177 days, with the historical script repeating, but the pace is clearly faster.