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Are Bitcoin holders caught in a net loss cycle? The short-term stop-loss trend versus institutional rationality
【Crypto World】Since October last year, Bitcoin holders have experienced their first collective net loss. Over the past 30 days, the total loss has reached 69,000 BTC, equivalent to approximately $6.18 billion. The current BTC trading price hovers around $89,700, sending a warning signal to the market.
CryptoQuant’s analysis team pointed out that this situation is somewhat similar to the trend in March 2022, suggesting that short-term holders are engaging in large-scale stop-loss actions, which may indicate that the bull market is about to encounter changes. However, not everyone agrees with this assessment.
Sean Dawson from Derive offered a different interpretation. He believes that the decline in net profit and loss reflects not an imminent market collapse, but rather that mature investors are managing risks more rationally. Instead of being a danger signal, it signifies an upgrade in market structure. He emphasized that the real leverage influencing Bitcoin prices lies on the macro side—the Federal Reserve’s policy direction and US debt pressures are the key factors.