LTH panic data finally shows a turning point! On June 15th, BTC began a rapid decline from 6.6w to 5.8w, during which we have been observing the data of panic market outflows in LTH. In the first wave of decline (2025.11.21), LTH experienced a loss of 7462 BTC. Previously, there was no such thing because during bull markets, LTH was almost 100% profitable. The second wave of decline followed by 11213 (February 6, 2026); The third wave is 12217 (June 40, 2026); It can be seen that as the bear market deepens, lower prices drive out more panic buying. And this time, when the price fell to 5.8w, the peak data was 9381 pieces (June 26, 2026). This means that the trend of gradually amplifying the first three times has reached a turning point from here! Is this a sign that the panic market is gradually clearing, or is the selling pressure from the LTH supply side gradually drying up? I personally think so. A simple principle: In a bear market, it is assumed that demand is zero, but as long as supply also returns to zero, prices will not fall. On the contrary, in a bull market, even if there is no supply, as long as demand is zero, it cannot rise. (Some people say that a bear bottom should wait until 'no one buys'. I don't think so. A bear bottom should be' no one sells', as the number of buyers affects the bottoming time and trend reversal.) Therefore, at present, the clearing of panic stocks and the depletion of supply have a much greater impact on the formation of the bottom than the recovery of demand. Demand only becomes more important before entering the bull market trend. The reference value of this data is that it tells us that the group (LTH) that controls 75% of BTC's liquidity, those who are not firm enough to be price sensitive, have almost all surrendered their chips. By comparing the data changes of the first two cycles, we can have a clearer understanding that the process of forming a bear bottom is the process of supply depletion. This is a prerequisite for the formation of the bottom. If this condition is not met, there is no need to discuss the 'bottom line'. The emergence of the turning point now can be said to be of great significance.