On July 10th, Glassnode released a report saying that Bitcoin recorded the deepest decline in the current cycle, trading at -26% + lower than ATH. Still, the retracement is historically shallow compared to past cycles. This price contraction has left a large number of short-term holder supply in unrealized losses, and according to its on-chain acquisition price, more than 2.80 million BTC are now underwater. While the financial pressure on short-term holders has increased, the scale of locked-in losses remains relatively modest compared to the size of the market.