ANALYST: ACCORDING TO BTC ' S 7-DAY NET POSITION DATA, THE PANIC DISK CONTINUES TO BE RELEASED SINCE JUNE

On 18 July, the encrypted analyst Murphy sent a letter indicating that, as can be seen from BTC ' s 7-day net position data, the panic disk had been released from June to date. The changes in RCs at a given time are approximately equal to the net realized gains or losses of all mobile BTCs during that time, i.e. only changes in the chain. As a result, the rise and fall of the RC is not necessarily related to the rise and fall in the price of the BTC, but rather to a statistical trend: a real and sustained net inflow of funds, usually expressed as a parallel rise in the price and the RC, is a parallel decline in the two. So, usually in the early days of Bear City, we see prices fall, but the RC changes are small. By the time the RC appears at negative depth (red part), it is mid/end of Bear City. This is the result of the large amount of chips moving in a state of loss and is a typical feature of the end-end surrender. In particular, when prices deviate from RC for a long period of time (i.e., price trends down, but RC trends upwards), it is indicative that “deficits” are defunct at a marginal level and in a very cold trade. However, this process can take a long time. The last cycle, with 261 days of surrender and absorption throughout the second half of the cycle, has been 177 days since January of this year。