#加密市场行情分析 Looking back on the past, I am truly filled with emotions. This time, the realized losses of Bitcoin holders have reached a new high since the FTX collapse, reminding me of those ups and downs in market cycles. Short-term holders have become the market makers for selling, a situation we are not unfamiliar with. I remember during the bear market in 2018, there was also a similar panic selling.

The scene at that time seems to be right in front of me: coin prices plummeted, confidence collapsed, and many new investors hurriedly closed their positions and exited the market. It seems that history is repeating itself. Glassnode's data shows that marginal demand has significantly decreased, which is strikingly similar to that year.

However, experienced veterans who have gone through multiple bull and bear market transitions understand that the market always fluctuates in cycles. What seems like a pessimistic situation now may actually be a great opportunity for accumulation. Looking back at the desperate moments at the end of 2018, who would have thought that 2021 would welcome a new peak?

Of course, we also need to be wary of excessive optimism. Every crisis has its uniqueness, and blindly applying historical experience may bring risks. The key is to calmly analyze the current situation and view market fluctuations rationally. After all, in this ever-changing crypto world, the only constant is change itself.