#比特币市场结构分析 The latest market analysis is truly eye-opening! Bitcoin's current market structure is remarkably similar to that of the first quarter of 2022. Over a quarter of the supply is in loss, ETF capital flows and spot momentum are also weakening, and these signals should not be ignored. However, we don't need to be overly pessimistic. Bitcoin's price is now in a critical cost basis zone, which could provide some support to the market. As an important part of the Web3 ecosystem, Bitcoin's movement is worth our close attention. Let's stay calm, continue to observe market trends, and also remember the long-term value of blockchain and decentralized finance. This could be a good time to reassess investment strategies, but it is certainly not a reason to give up on our beliefs. The future remains full of possibilities, and let's wait and see!