[Analyst: Bitcoin on-chain data shows no signs of capitulation selling, market may face further decline] CryptoQuant analyst Julio Moreno tweeted that Bitcoin on-chain data has yet to show signs of capitulation selling, indicating that the market is either in a mild correction phase or may face further decline. Over the past year, Bitcoin holders have realized losses of approximately 136,000 BTC, whereas in previous cycles, when Bitcoin prices bottomed out, annual realized losses typically ranged from 1.3 million to 3.7 million BTC. Either this is the cycle with the lowest loss amount, or there is still significant room for further decline ahead. This could mean that the volume of stop-loss selling on-chain in this cycle is the smallest, or there is still considerable downside potential in the future.