Glassnode: The market has entered a "Deep Bear" phase but extreme panic selling has not yet occurred, and may still be in the midst of a bubble squeeze.

BlockBeats News, February 7, Glassnode released a report on social media stating that around Halloween last year, on-chain investor behavior had signaled a possible transition to a bear market. Subsequently, in about 100 days, the price experienced a drop of about 45% (from $110,000 to $60,000).

The "Long-Term Holder Profit Taking" data shows that since November 1, long-term holders have additionally realized about 318,000 BTC in profit. This abnormally large-scale selling in a bearish market continues to exert downward pressure on the price. However, since early December, the amount held by long-term holders has started to increase, indicating a slowdown in their selling behavior.

The "Market Unrealized Loss" data shows that at a $60,000 price level, this ratio has reached about 24%, significantly higher than the bull/bear transition threshold. This indicates that the market has entered a deep bear market but has not yet reached the stage of extreme panic selling of over 50%, suggesting that the market is currently in a bubble-squeezing process.

Furthermore, since reaching the previous high in October, the price has consistently failed to hold above the cost basis of the top 1%, 5%, 10%, and 20% largest holders. At the $60,000 price level, the price is already about 37% below the cost basis of the top 20% holders (around $95,000), showing that high-position buyers are under severe psychological pressure, similar to the market structure in May 2022.