According to analyst Murphy, the short-term holder loss ratio (STH-PSIL) for Bitcoin reached 73% in the current drawdown, marking an extreme market condition unseen over the past 12 years. Murphy noted this compares to 51% during the first pullback in the previous bear market and 67% at its second wave. The analyst observed similarities to the 2019–2020 market opening, when STH-PSIL peaked at 97%, though the current decline lacks comparable external shocks and shows signs of "artificial intervention" instead.

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