#比特币价格波动 Recent market fluctuations have revealed a very interesting phenomenon — although Bitcoin has rebounded above $92,000, on-chain data shows that investors' true sentiments are actually quite complex.

Realized losses of $511 million versus realized gains of $312 million—what does this gap tell us? Many people, even when seeing the market turn around, choose to admit losses and exit. At first glance, it seems a bit pessimistic, but from another perspective, it indicates that the market is undergoing a thorough "clearing out."

Let’s use an analogy — like a room that has undergone a complete deep clean, clearing out all the accumulated clutter, so that it can be easier to start new renovations. Historically, every true bottom has been accompanied by this kind of capitulation selling. The current level of clearing out is approaching the levels seen in the last bear market, which suggests that we may have already laid a healthier market foundation.

The $88,000 level has been successfully defended, spot ETF funds continue to flow back, and institutions are rebalancing for the new fiscal year... All these signals point in one direction: a shift from panic to cautious optimism. There may still be some volatility in the short term, but as long as we hold above the key support of $91,500, the door to a quarterly push to a new all-time high has always been open.

Market recovery often works like this — first experiencing complete disappointment, then welcoming firm confidence. The current clearing out is just preparing for that confidence.