#比特币价格波动 I paused for a long time when I saw the data. Realized losses of $511 million vs. profits of $312 million. What does this ratio indicate? It shows that there are still a large number of retail investors cutting losses and admitting defeat in the market.

But this is exactly the signal I want to see. Historically, every such "surrender-style sell-off" marks the end of a correction cycle. The worst part of a bear market is not when prices hit their lowest, but when even the last buyers give up. At $88,000, I knew many had cut losses and been forced out.

Now, the rebound to $92,000 looks quite impressive, but what I care more about is—this round of clearing has already approached the level of the last bear market. In other words, the trash has been cleared out, and the market foundation has become healthier. Those who FOMOed in and got trapped have mostly exited. What remains are truly patient funds.

Institutions are rebalancing, stablecoins are flowing in—this is not something retail investors can do to pump the market. There may still be short-term volatility, but as long as we hold above $91,500, the space for growth is open.

This is my logic: I’m not afraid of a drop, I’m afraid of no one admitting losses. When more people admit losses, it actually increases the chance of survival.