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On-Chain Data Alert: BTC Unrealized Losses Reach $600 Billion, Behind the "Most Gentle" Pullback in History
Bitcoin's recent performance has stalled, retracing 47% from its all-time high to $66K.
According to the latest on-chain indicators, the market is facing a severe psychological test: 44% of supply is in unrealized loss, with total unrealized losses reaching $600 billion.
Key Insights:
Risk Hedging: Despite significant unrealized losses on paper, historical comparisons between CoinTelegraph and TradingView show that volatility in this cycle has decreased markedly. Compared to the extreme pullbacks during past halving cycles, the current correction leans more toward a "structural cleanse."
Institutional Background: Grayscale points out that macro risks (such as oil prices and Middle East tensions) have indeed suppressed short-term sentiment, but the long-term adoption trend driven by ETFs remains intact.
Operational Core: The $66K level is not only a technical support but also a psychological barrier for chip costs.
The current market game has shifted from "technical analysis" to a "stamina race."