Recently observing Bitcoin market trends, there's an interesting phenomenon—prices have finally stabilized and rebounded quite a bit, but why is selling pressure still so strong? After checking on-chain data, I finally understood.

Based on the 90-day moving average statistics (excluding noise from internal exchange transfers), the market's realized losses each day are about $300 million. What does this number indicate? It shows that there are still people continuously taking losses.

More importantly, the market's true average value is stuck at around $81,000. Theoretically, prices above this line should be a bullish signal, but here's the problem—the sell orders at a loss simply can't stop, which suppresses the rebound momentum.

Digging deeper, these dumpers are mainly high-position buyers. These people are not only showing unrealized losses on paper, but what they can't stand is the volatility over the past few months. The time cost, don't even mention it. So as soon as the price slightly rebounds, they rush to sell. This phenomenon is called "rebound and then cut" in the community.

Honestly, this kind of downward bleeding is actually a typical feature of mid-cycle bull market corrections. The real bottom will be confirmed only when the structural decline signals of the loss positions appear. We still have to wait a bit longer.