Analysts say that nearly 40% of BTC holdings are currently at a loss, reaching the target level of the first round of declines in previous bear market...

According to Mars Finance, on November 18th, on-chain data analyst Murphy posted on social media that the 7-day average of BTC's Profitable Supply Percentage (PSIP) has fallen below 70%, meaning that nearly 30% of the total supply has entered a loss-making state after this round of decline. If long-term inactive, lost, and BTC held in addresses similar to Satoshi Nakamoto's are excluded, this proportion is expected to reach 40%+. Murphy added that in the first round of decline from a bull market to a bear market over the past 10 years, PSIP has always reached the current level, followed by a rebound after extreme emotional pressure, as seen in 2018 and 2020. The 2020 crash was further compounded by the May 19th black swan event. However, even if a rebound occurs, it may not be able to re-establish an upward trend because there are too many tokens waiting to exit during the rebound.