[Analyst: Nearly 40% of BTC holdings are currently in a loss state, reaching the target level of the first round of decline in multiple previous bear market cycles] BlockBeats news, November 18, on-chain data analyst Murphy posted on social media stating that the 7-day moving average of BTC's Profit Supply Percentage (PSIP) has fallen below 70%, indicating that the recent decline has caused nearly 30% of the entire network's holdings to enter a loss state. If excluding BTC that has been long inactive, lost, or associated with addresses like Satoshi Nakamoto's, this proportion is estimated to exceed 40%. Murphy further noted that over the past 10 years, during the first round of decline in the transition from bull to bear cycles, PSIP has consistently reached the current level, followed by a rebound after extreme emotional pressure. This was the case in both 2018 and 2020. Notably, 2020 also saw the addition of the May 19th black swan event. However, even if a rebound occurs, it may not be sufficient to re-establish an upward trend, as there are too many holdings in the market queued up to exit during the rebound.