Odaily News Glassnode posted on the X platform that the unrealized loss data of Bitcoin normalized by the retracement amplitude showed that short-term holders have suffered considerable losses in this round of adjustment - this degree is comparable to the early stage of the bear market in the past cycle.
Long-term Bitcoin holders are still in profit overall, but as Bitcoin bought at high prices gradually "ages" and enters the ranks of long-term holders, the market's loss absorption pressure may increase. Historically, such a shift often marks the confirmation of a bear market, although no similar market trend has yet appeared.