"The panic selling is slowly being 'forced' out. To be precise, this still can't be considered true 'panic selling.' It's more like some short-term price-sensitive holders choosing to exit at a loss—what we call 'swing traders.' The points marked 1/2/3 in the chart correspond to the three price drops on October 9, 12, and 15, reaching similar price levels and resulting in realized loss scales (on-chain data). Their relative relationship is: 2 < 1; 3 > 2 but < 1 (in my analysis framework, relative values are far more important than absolute values). This indicates that the October 9 drop was the time when these swing traders exited en masse, marking the largest scale so far. On October 12, when prices approached 8k for the second time, sentiment was more hesitant, and fewer acted. Yesterday was the third time, coupled with disappointing inflation data, reinforced rate hike expectations, and a sharp drop in U.S. stocks... This series of bearish factors forced more swing traders to sell again. However, the scale was already smaller than the first time. Will there be more selling ahead? Personally, I think there might be. After all, the current STH (Short-Term Holder) loss ratio is only 31%, while the historical average is 42.7%, indicating the selling pressure hasn't been 'brutal' enough yet. We can observe for another 2 days, but one thing is certain: when the realized loss scale starts to gradually narrow, it means we're getting closer to a local bottom during this phase of correction." #CryptoAnalysis #MarketTrends #BTC #ETH