[Analyst: Market Swing Positions Are Gradually Being Cleared, But Panic Has Not Fully Subsided] BlockBeats News, October 15 — As of October 15, 2026, Bitcoin has retreated to around $81,000 three times on October 9, 12, and 15, repeatedly testing the same support zone. The latest round of decline has been compounded by higher-than-expected U.S. inflation, rising concerns over the Federal Reserve further tightening monetary policy, and weakness in U.S. equities, creating pressure on risk assets overall. Crypto market analyst Murphy stated that, based on on-chain entity-adjusted realized loss data, the scale of losses corresponding to the three dips shows a clear decreasing trend: October 12 was less than October 9, and although October 15 saw a slight increase compared to October 12, it was still lower than October 9. This indicates that October 9 was more like a peak for short-term price-sensitive positions exiting the market en masse; during the second dip, market sentiment leaned heavily toward observation, with weaker selling pressure; while the third dip, catalyzed by macroeconomic headwinds, forced some swing positions to stop-loss and exit again. Therefore, the current market is closer to a phase of "swing positions" being gradually cleared rather than a full-scale panic sell-off. If the proportion of losses among short-term holders remains around 31%, which is lower than the historical cumulative average of 42.7%, it suggests that the clearing of positions may not yet be complete, and further volatility and selling pressure cannot be ruled out. Moving forward, attention should focus on whether the scale of realized losses continues to contract: if the price remains near the current support zone and loss release gradually weakens, it would indicate that passive selling pressure is decreasing, and the phase of correction may be nearing its end. Conversely, if the scale of losses significantly expands again, it would suggest that the market still needs to undergo more thorough position turnover. [Original Link]