Analysis: The intensity of Bitcoin's second wave of surrender and sell-off is only half of that in February, and the selling power is gradually depleting CryptoQuant analyst Axel Adler Jr. stated in a post that Bitcoin is experiencing its second round of panic selling this year, but the intensity is much weaker than in February. The current average profit to loss ratio over the past 30 days has dropped to about 0.28, placing it in a zone of surrender pressure. This means that in the past few weeks, the realized losses have been significantly greater than the realized profits. But the key difference is that during the first round of panic in February, a peak loss of about $2.6 billion had already been achieved, while in early June, the second round peak was only about $1.4 billion, almost half of what it was in February, and has since fallen back to about $558 million. The comparison of the two peaks indicates that the intensity of panic selling in this round has significantly weakened, which means that the number of sellers willing to stop loss and leave is decreasing, and their behavior is closer to the characteristics of the later stage of selling.