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Analysis: The fall can only be a precursor to a rebound when there is nowhere left to fall, and yesterday a loss of 860 million USD was realized, surpassing the previous one.
On November 18, on-chain analyst Murphy stated that the second wave of panic selling on November 17 led to an escape, with the Entity Adjusted Realized Loss (EARL) amounting to $860 million, exceeding the scale of $820 million on November 14. The market's panic sentiment continues to spread and shows no sign of converging. The current timeframe aligns again with the timing of the past four years' bull-bear cycle theory, and many investors, including institutions, still acknowledge this pattern. If EARL is observed to gradually drop or decline overall during the price fall, it can be considered that the panic selling is about to clear, and a drop with no further decline is a sign that a rebound is about to begin.