[On-chain Analyst: Realized Loss Reaches $860 Million on November 17, Market Panic Continues] On November 18, on-chain analyst Murphy stated that the market experienced a second wave of panic selling on November 17, with entity-adjusted realized loss (EARL) reaching $860 million, surpassing the $820 million recorded on November 14. Market panic sentiment continues to spread. Murphy pointed out that only if EARL gradually decreases or shows an overall decline during the price drop can it be considered as the clearing of panic selling, signaling that the bottom has been reached and a rebound may begin.