How to buy and lose money—Bitcoin's slow decline severely impacts investor psychology

Market data shows that nearly nine million Bitcoins (about 45% of the total supply) are held at a cost basis higher than the current price, and during recent lows, this amount even approached half of the supply. In the first twenty-two trading days of February, nineteen days showed "Net Realized Losses." This phenomenon indicates that the market has not experienced a quick clearing of the excess supply through a "capitulation" sell-off, but instead has fallen into a cycle of gradual decline. This has led investors to become more cautious, with each short-term rebound being viewed by some holders as a "liquidity event" for exiting the market, thereby suppressing the overall market recovery momentum and upward price potential.