Analysis: Bitcoin has not yet entered the final panic stage; we are currently only at the "beginning of the test."

BlockBeats News, February 28, CryptoQuant analyst @AxelAdlerJr posted immediately after today's Bitcoin drop, stating that the current Bitcoin Unrealized Loss Percentage has exceeded 39%, with a significant portion of buyers currently in an unrealized loss position. The market is entering a phase of positive pressure, but has not yet entered a full capitulation phase. Before a complete collapse, the market still has room to maneuver.

Historical data shows that this indicator reached over 40% near the bear market bottoms in 2018 and 2022, and this current level indicates that weak positions are gradually being cleared, potentially approaching the cycle low.