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On-Chain signals after the sell-off: Where does Bitcoin stand now

After a rapid decline pushed Bitcoin into a major drawdown, the focus now turns to whether the worst of the sell-off has already unfolded.
- Bitcoin has entered the deepest drawdown of the current cycle, prompting a data-driven assessment of whether the market is nearing a “max pain” phase or still searching for a durable floor.
- Multiple indicators point to rising market stress: price has fallen below key cost-basis levels, the share of coins held at a loss is climbing toward bear-market levels, risk-adjusted returns remain weak, and pressure on long-term holders is building, though not yet at historical extremes.
- The report places these indicators in historical context to map the range of potential paths forward for Bitcoin.
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