[Analysis: On-Chain Data Reveals True BTC Panic: Long-Term Holders "Surrender," But Panic Selling Accelerates] BlockBeats reported on November 9th that on-chain analyst Murphy released an analysis using on-chain data to reveal the true level of panic in the Bitcoin market. He pointed out that on November 5th, realized losses (LTH-RLTE) transferred to exchanges by long-term holders reached $139 million. This figure was only higher during the peak panic periods in February and June of this year, indicating severe market anxiety, with even long-term holders beginning to "surrender" and exit. However, this also suggests that panic selling is accelerating. In contrast, short-term holders are not panicking, as they completed most of their transactions at the beginning of the year, with current average costs around $75,000 to $76,000. The current price is at the break-even point, and most are choosing to hold and observe. Overall, the absolute value of the current 24-hour average realized on-chain loss remains high. The double blow of the Binance attack at the end of October and the US stock market crash on November 5th dampened market confidence, directly triggering panic among long-term holders. Fortunately, the overall losses did not continue to escalate. Murphy believes that investors are currently exhibiting a mentality of "reluctantly, but having no choice but to sell at a loss," and the recovery of this sentiment will require a catalyst—when people gradually realize that the actual situation is not as bad as expected.