The most painful thing about the current market is not how much Bitcoin has fallen, but that 44% of the circulating supply is already in the loss zone, with 8.8 million BTC floating at a loss approaching $600 billion. This indicates that the problem is no longer short-term sentiment but that a large amount of chips are trapped. More importantly, even long-term holders are beginning to lose their nerve. This is the true source of pressure. Many people are hoping for a big bullish candle to rescue the market directly, but historically, the real bottom is often not something that can be shouted out. It comes after everyone who needs to be cut has been cut, and the selling pressure has been gradually digested, allowing the market to slowly recover. The cruelest part of the market is right here. The bull market is sustained by faith, while the bear market is specifically testing how much your faith is really worth.