观点：BTC卖方衰竭指数进入极端区域，当前或处于底部区间

Odaily News Trader Murphy（@Murphychen888）stated that Glassnode's latest indicator, the "BTC Seller Exhaustion Index," shows that Bitcoin's selling pressure has entered an extreme exhaustion zone.

Murphy noted that this indicator simultaneously measures two conditions: low volatility and high losses, and a signal is triggered only when both are met. Currently, this indicator has entered the extreme exhaustion zone of this bear market for the first time.

He stated that historical data shows similar situations have occurred in every past bear market, with some cycles triggering it more than once. The first entry into this zone does not always correspond to an absolute bottom, but it often indicates a bottoming range. If prices continue to fluctuate or hit new lows afterward without the index declining further, a second signal may form—and historically, the second signal has proven to be more reliable.

Murphy believes that investors who have already built positions are not wrong, and waiting for clearer signals before positioning is also acceptable. However, if one still hesitates to buy after subsequent extreme signals appear, they may miss the upcoming market move.