According to Wu Shuo, CryptoQuant analyst Darkfost analyzed that the most affected group in the current Bitcoin market is short-term holders (STH) with less than 6 months of accumulation. Their cost basis is approximately $85,400, which is above the current price, with an average unrealized loss of about 19.4%. He pointed out that some investors choose to continue holding and wait to become long-term holders (LTH), with LTH supply now increased by about 300k BTC; another group may panic and sell off, thereby intensifying market volatility and triggering phased "surrender." Historically, when STH unrealized losses exceed 25%, it often corresponds to the early stages of market bottoming, but it also comes with higher volatility and stronger liquidation pressure.