**[Opinion: Bitcoin Has Entered a Phase of Intensified Selling Pressure]** According to a report by Jinse Finance on October 11, crypto analyst Darkfost posted on the X platform stating that Bitcoin has entered a phase where selling pressure is significantly intensifying. The discussion here is not about actual selling pressure but rather potential selling pressure. The "Seller Exhaustion" indicator, which combines profitable supply and volatility (yield), is used to identify risk phases and calm phases in the market and is suitable for short-term analysis. As Bitcoin recently rebounded and broke through $85,000, the indicator shows that the market is entering a phase where selling pressure may further increase. This price movement was quite sudden, and the changes related to short-term holders (STH) are particularly noticeable. I won’t overly focus on specific values, as volatility will gradually weaken over time, but the overall trend has become relatively clear. The indicator has just reached a critical threshold, which is close to the level that previously signaled local tops during this cycle. Next, it remains to be seen whether demand can improve and curb potential price pullbacks. If market volatility narrows, it will also help this indicator gradually return to normal.