Odaily Planet Daily 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, significant changes have occurred in the past three months, and downward pressure has increased, causing the crypto market to experience Still, from a macro perspective, Bitcoin spot prices are about 22% below their all-time highs, which is still a relatively small correction compared to the magnitude of historical bull market periods. The decline shows that most Bitcoin investors are still making substantial profits, highlighting the robustness 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 The short-term holder group represents the new demand in the market and appears to bear most of the market pressure when the market falls. Their unrealized losses dominate the overall market. The size has continued to increase over the past few months. We can confirm the above observation by evaluating the short-term holder MVRV ratio, which has fallen below the breakeven value of 1.0, indicating that, on average, new investors hold positions at a loss. Status. Overall, the market is expected to remain weak unless Bitcoin prices return to short-term holders’ cost base of $62,400. Meanwhile, profit and loss activity remains very light, indicating the current price range. Saturation is already approaching, with key indicators such as sell-side risk ratios suggesting higher volatility is possible ahead.”