Wu Shuo learned that CryptoQuant analyst Axel Adler posted that the 30-day average of Bitcoin’s daily realized losses rose in February to $1.37 billion, setting an all-time high and up 19% from the 2022 peak; it has since fallen 56.5% to $597 million. In the same period, realized profits were only $257 million, with a profit-to-loss ratio of 0.43, indicating that although the loss-selling pressure has clearly cooled, market demand has not yet recovered sustainably.