EMC Labs, a cryptocurrency investment research institution, released a report in March 2024 titled "After the Big Sell-Off, the Bull Market Continues." The report pointed out that, according to on-chain data analysis, investors began large-scale selling on February 26, and the period from February 26 to March 12 was the first half of the big sell-off, during which BTC was dominated by buying power, and the price rose from $51,730.96 to $71,475.93. From March 13 to March 31, the second half of the big sell-off (which has not yet ended), BTC was dominated by selling power, and the price dropped from a high of $73,709.99 to $60,771.74. From February 26 to March 31, sellers locked in nearly $63.1 billion in profits. By the end of March, the scale of the sell-off had dropped significantly, but still remained at $1 billion, which caused the price rebound to fail and a downward trend to reappear in April. EMC Labs believes that the selling pressure is decreasing significantly, and the first wave of the bull market's big sell-off is approaching its end. This large-scale sell-off before the production cut clears a large number of profit chips, shifts the cost center of BTC, and helps to raise prices in the next phase.

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