#宏观经济对加密市场影响 Looking back on the past, I can't help but feel a surge of emotions. Not long ago, we witnessed the brilliance of Bitcoin and experienced the ups and downs of the crypto market. Now, data from glassnode once again sounds the alarm — over 25% of Bitcoin supply is in unrealized loss. This reminds me of the 2018 bear market, when the market was equally fragile.

History always repeats itself in astonishing ways. Currently, Bitcoin's price is below the 0.75 percentile line, and the market seems to be in a delicate balance: high-position buyers face stop-loss pressure, while selling forces may have already been exhausted. I have seen this kind of situation too many times over the past 30 years.

The impact of macroeconomics on the crypto market has never been greater. The key level of $93,000 is worth paying attention to, as it will determine whether Bitcoin can return to the 0.75 percentile line. Breaking through the 0.85 percentile line at $106,200 might help ease the current sensitive situation.

Looking back at history, every crisis breeds new opportunities. But we must also not ignore the risks, as the market remains highly sensitive to macro shocks. For veterans who have experienced multiple cycles, staying rational and patiently waiting may be the wisest choice. After all, past lessons tell us that the darkest moments in the market often hide the greatest opportunities.