[glassnode: The market will continue to weaken before Bitcoin returns to the short-term holder cost price of US$62,400] Golden Finance reported that the encryption data analysis platform glassnode released a report stating that Bitcoin price trends have stagnated and investor sentiment has been cold in the past six months. However, the past three months have seen a significant change, with downward pressure increasing, causing the crypto market to experience the most significant correction of this cycle. Still, from a macro perspective, Bitcoin spot prices are about 22% below their all-time highs, which is still a relatively small drop compared to the magnitude of the corrections seen during historical bull runs, indicating that most Bitcoin investors are still The substantial profits demonstrated the soundness of their positions. However, the short-term holder group is still suffering from high unrealized losses, indicating that they are currently the most vulnerable group and will be the main source of selling pressure in the event of a market decline. The short-term holder group represents new demand in the market and appears to bear most of the market pressure. Their unrealized losses dominate the overall picture, and the size of this loss has continued to increase over the past few months. We can corroborate the above observation by evaluating the short-term holder MVRV ratio, which has fallen below the breakeven value of 1.0. This shows that, on average, new investors hold positions at a floating loss. Overall, the market is expected to remain weak unless Bitcoin prices return to short-term holders’ cost basis of $62,400. Meanwhile, profit and loss activity remains very light, suggesting that the current price range is reaching saturation, with key indicators such as sell-side risk ratios hinting at the potential for higher volatility ahead.