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看看这张图表。它清晰明了,而且比以往任何时候都更具现实意义。

CryptoQuant.com
@cryptoquant_com
02-06
Bitcoin is still down 50% from its all-time high. Yes, deeper drawdowns (-70% to -80%) are possible compared to previous bear markets, but the bigger risk now is time capitulation, not price. It’s not just how low it goes, but how long it stays there.
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