Since October 2023, Bitcoin holders have experienced their first net loss, with a total loss of approximately 69,000 BTC over the past 30 days, equivalent to $6.18 billion. Currently, Bitcoin trading prices are close to $89,700. CryptoQuant analyst pointed out that this trend is similar to March 2022, indicating a potential turning point in the recent bull market as short-term holders are taking losses. However, Sean Dawson from Derive believes that the decline in net gains and losses reflects reduced volatility among mature investors rather than an imminent market downturn. He emphasizes that macroeconomic factors such as Federal Reserve policies and US debt are the main drivers of prices.

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