Market analyst "COINDREAM" published an article on the CryptoQuant platform stating that the loss ratio of Bitcoin UTXOs has re-entered the 27-30% range, highly similar to the decline pattern in May 2022. This indicator shows that a large number of market participants have shifted from being profitable to being in a loss-making state. The analysis points out that this range is not simply a bear market signal, but a key decision-making zone for market pressure: a break above 30% and sustained could trigger further declines; if it stalls and falls back within the 27-30% range, it suggests that selling pressure may have exhausted itself, and a trend recovery is expected. The current stage is seen as a test of whether the market has absorbed the level of panic, rather than the beginning of panic.