CryptoQuant.com analyst Darkfost posted on the X platform stating, "In the past few days, profit-taking activities have continued to increase. With yesterday's pullback, the amount of profit-taking slightly decreased to about $516 million, but it still dominates compared to realized losses.

Realized losses remain at a high level, about $346 million. It is worth noting that since December, realized losses have dominated, marking a true capitulation selling phase. This is a pattern that has repeatedly appeared in every pullback during this cycle. In fact, the current trend is very similar to the pullback in April.

We can also observe that whether it is realized profits or realized losses, the overall level is still in a relatively low range, which is also a typical characteristic of each pullback. However, it is still difficult to determine whether this is just a pullback or an early stage of a bear market.

For now, I still tend to believe this is a mid-term pullback or consolidation, rather than a trending bear market. But I am also ready to adjust according to market changes. Overconfidence is not necessarily the best strategy; what really matters is the ability to adapt to changes and be prepared for the possibility of making wrong judgments."