Analyst: Short-term BTC investors have not fully capitulated yet, and it is still too early to call a bear market.

BlockBeats News, November 15, according to CryptoQuant analyst CrazzyBlockk, the bitcoin market is heavily influenced by the profitability of new entrants, who represent new capital and liquidity. When these investors realize profits, market confidence is consolidated and the dynamic upward trend can be sustained. When short-term holders face losses of 20%-40%, panic selling is often triggered.

Historically, this level of pain has signaled that the market has entered a full capitulation phase. However, in terms of the current loss magnitude for this group, we are still far from a typical bear market signal. If new entrants can realize some profits, market support will gradually form, and this correction is more likely to be a "mid-cycle adjustment" rather than the start of a bear market.