[Analysis: Bitcoin has not yet entered the final panic phase, this is merely 'the beginning of the test'] BlockBeats News, February 28, CryptoQuant analyst @AxelAdlerJr published an article immediately after Bitcoin's drop today, stating that the current unrealized loss percentage of Bitcoin has exceeded 39%, meaning a significant portion of buyers are currently in an unrealized loss state. The market is entering a phase of active pressure but has not yet reached a full capitulation stage. Before a complete collapse, the market still has room to maneuver. Historical data shows that this indicator exceeded 40% near the bear market bottoms in 2018 and 2022. This level suggests that weak positions are gradually being cleared, potentially approaching the cycle's low point.