Bitcoin holders have recently fallen into a continuous loss predicament. Since the end of December, they have been selling while in a floating loss for 30 consecutive days, a phenomenon that is quite rare— the last time such a situation occurred was back in October 2023. Several on-chain data analysts have tracked this trend through on-chain indicators, believing it reflects a significant shift in market sentiment. When holders are forced to cut losses in a loss-making state, it often indicates that market pressure has become quite heavy. Such data can provide some reference for judging the subsequent market trend.