Selling pressure from panic-driven holders is gradually being forced out. More accurately, this isn’t yet true “panic selling,” but rather a portion of short-term price-sensitive holders choosing to exit at a loss—what we might call “wavering positions.” The numbers 1, 2, and 3 on the chart correspond to the three price drops on October 9, 12, and 15, respectively, each reaching similar price levels and triggering realized losses (on an entity-level basis). Their relative relationship is as follows: 2 is smaller than 1; 3 is larger than 2 but still smaller than 1 (in my analytical framework, relative values matter far more than absolute ones). This indicates that the October 9 decline was the peak moment for this group of wavering holders to exit—so far, the largest such wave. On October 12, when prices approached $80K again, sentiment was more hesitant, and fewer sold. Yesterday marked the third wave: combined with disappointing inflation data and renewed expectations of rate hikes, U.S. equities plunged sharply—these cumulative negative catalysts forced wavering holders out once again. But this time, the volume was smaller than during the first wave. Will there be more? I believe there likely still is. After all, the current percentage of STH holders in loss stands at only 31%, compared to a historical average of 42.7%—meaning the sell-off hasn’t yet been “hard” enough. We can observe for another two days, but one thing is certain: when realized losses begin to narrow, it signals that the阶段性 correction is drawing closer to its bottom.