Bitcoin may be entering a phase of exhausted selling pressure. After hitting a bottom near $60,000 on February 5, the asset has undergone more than two months of consolidation, and the price has gradually recovered to around the $70,000 level. Meanwhile, macroeconomic turmoil triggered by conflicts in the Middle East has pushed oil prices above $100 per barrel. Currently, daily realized losses (Realized Loss) are about $400 million; although this remains high compared with previous years, they have shown a declining trend in recent weeks. Data shows that realized losses surged to $2 billion on November 21 and February 5, setting a new multi-year high, even exceeding the loss levels during the 2022 bear market. $BTC ‌