On September 28, on-chain data analyst Murphy said that if the downward fluctuation of BTC since August 13 is regarded as a large-level trend adjustment, then it may not be adjusted "in place". So far, all losses have been contributed by short-term holders (STH), while the loss ratio of long-term holders (LTH) is still 0%. From this perspective, the current moment is still not the most panic-stricken moment in the downward trend.

On-chain data shows that it is not far from triggering the panic of long-term holders. The long-term holders with the highest cost of holding positions are located at around $106,000.00, but they have limited chips. When BTC enters the $97,000.00 to $106,000.00 range, more and more long-term holders will enter a loss state, which is likely to be the bottom range of a trend callback. The analysis is only for learning and communication and does not constitute investment advice.