Based on the analysis of Bitcoin on-chain signal indicators, the current market has entered a deep adjustment phase, which lasted for a year in the previous cycle. The current maximum drawdown of Bitcoin from its historical high is -32%, positioning it in the middle range between a deep correction and a market bottom. If macroeconomic conditions and on-chain signals do not improve, there is still a risk of continued decline. In summary, the current combination of signals suggests that the market has entered a structural adjustment phase, and recovery will take time as well as a shift in the network's profit and loss structure and sentiment.