#10天打卡挑战 #币圈观察员 BTC has only fallen 22% from its previous all-time high, much less than previous cycles. Ordinary BTC investors are still making substantial profits, highlighting the stability of their holdings. However, short-term holders continue to bear higher unrealized losses, indicating that they are the main risk group and the expected source of selling pressure in times of economic downturn. In addition, both profit and loss activities remain scarce, indicating that the current range has been saturated and key indicators such as the seller risk ratio have also been saturated, implying that volatility may intensify in the near future.