Is it metaphysics or science? Those who know me well know that "metaphysics" has never been the mainstream in my analysis system and trading framework. Although sometimes it can be quite accurate, without logical support, we should only take it as a reference. Some friends say, "I don't believe it"; even in the two bear markets of 2019 and 2022, the losses in BTC were exactly 10.6 million coins, and it might not be the same in 2026—it could just be a coincidence. That's true! But let's look at it from another angle: Is it possible that when the circulating losses reach a certain critical value, the price stops falling because the supply dries up? This angle can be expanded: Is it "because the bear market caused so many losses," or "because the losses reached their limit, and there was nothing left to sell, that formed the bear market bottom"? I believe it's the latter. If we understand it this way, then it's not metaphysics, but logic. 10.6 million coins, or some other number, could be this so-called "critical value." The seemingly mystical loss of 10.6 million BTC merely tells us that this is roughly the limit. As the average cost of acquiring BTC continues to rise, the amount of low-cost BTC accumulated increases, theoretically meaning the actual loss in each cycle should be less than the previous one. On February 5, 2026, the loss when BTC fell to 60,000 was 9.93 million. After this period of trading, if it falls to 60,000 again, the loss will reach 10.6 million. Therefore, even the previous 9.93 million BTC figure is very close to the limit, at least that's how I understand it.