Following Bitcoin's recent pullback, risk aversion has intensified again in the market. Foreign media outlets believe that while this decline is not yet fully out of control, short-term funds are rapidly exiting the market, indicating that it has entered a phase of significant pressure.

Strategy's unrealized losses widened.

The article states that Strategy, which has been heavily investing in Bitcoin for a long time, is experiencing its most difficult period in recent years. According to the article's calculations, the company currently has an unrealized loss of approximately $10.8 billion, and its overall holdings are about 17% lower than its purchase cost.

The article also mentions that Strategy previously sold 32 BTC at approximately $77,135 each. As Bitcoin continued to decline, the value of its remaining holdings shrank further. Meanwhile, MSTR's stock price has also fallen by approximately 77% from its all-time high.

Loss-making shares flow to the exchange

The article points out that in the past 24 hours, there has been a significant influx of Bitcoin into exchanges with losses, while profit-taking inflows have been almost nonexistent. This typically indicates that buyers who recently entered the market at higher prices are choosing to cut their losses and exit.

During this phase, a common market characteristic is that short-term holders sell first, followed by funds with greater resilience gradually taking over. Only if the inflow of losing positions slows down and the price of Bitcoin stabilizes can the market gradually find support.

• Over the past 24 hours, the inflow of loss-making positions into exchanges has increased.
• Profit-taking inflows are almost nonexistent
• Short-term buyers became the main source of selling pressure.

Regulatory progress failed to boost prices

The article also mentions that the timing of Bitcoin's weakness coincided with the US Senate Banking Committee's advancement of the crypto market structure bill. Typically, regulatory progress is seen as positive by the market, but this time the price did not strengthen in tandem.

The author believes this divergence could simply be a liquidity rotation, or it could mean that some large funds are taking advantage of the pullback to buy Bitcoin at lower prices before a clearer regulatory environment is established. However, this assessment remains a foreign media analysis and is not a confirmed market fact.

The seller still has the upper hand

Based on the description in the article, Bitcoin had returned to near the lower end of its recent trading range. Although some technical indicators suggested that selling pressure had accumulated, the liquidity situation remained weak, and there were no clear signs of a market rebound.

The article concludes that the current situation is more like a pressure release phase than a complete breakdown. For a recovery to occur, prices need to stabilize first, and then the panic selling needs to subside.