On-chain data analyst Murphy stated that if the post-August 13th BTC consolidation is viewed as a major trend adjustment, it is probably not yet adjusted "in place." So far, all losses have been contributed by Short-Term Holders (STH), while the loss ratio of Long-Term Holders (LTH) remains at 0%. From this perspective, the current situation still does not meet the most fearful moment in a downtrend.

On-chain data shows that the triggering of Long-Term Holder panic is not far away. The Long-Term Holder with the highest holding cost is located at around $106,000, but they hold limited chips. When BTC enters the $97,000 to $106,000 range, more and more Long-Term Holders will enter a loss position, which is likely to be the bottom range of a trend pullback. This analysis is for learning and communication purposes only and should not be considered as investment advice.