#数字资产市场动态 Everyone, here’s a set of hard data: currently, over 7 million BTC are in unrealized loss, accounting for 33% of the total supply— in other words, about 1 in every 3 BTC is a loss position. This is a new record for this cycle.

What does this mean? There are two schools of thought:

**Optimists see it this way**: This is the extreme manifestation of market fear. Historically, whenever loss positions accumulate to such levels, it usually indicates that market sentiment has bottomed out—the panic selling has run its course, and conditions for a rebound are in place. According to this logic, when everyone wants to sell, the bottom is often near—this is a classic "contrarian" moment.

**Realists see it this way**: Don’t get too excited too early. These 7 million BTC are like boulders on a cliff; once the price rebounds to near these cost levels, it will trigger large-scale sell-offs and panic reductions. Imagine how heavy those dense sell orders would be. For the market to truly start a bull run, it must first break through this wall, or every rebound will be knocked back down.

**Practical judgment**: The data is cold, but the market’s pain is real. The upcoming trend will be like this—any upward movement will be very "twisted," because every inch of gain will face sniper attacks from distressed sellers. To break this pattern, either it takes enough time for these unrealized losses to gradually unwind, or it relies on new narratives or large on-chain capital inflows to force a breakthrough.

The market is using the most raw data to teach everyone a lesson. Now, it’s not about whose analysis is sharper, but who can endure—patience is the biggest advantage. $BTC $ETH $SOL