Murphy: Since June, panic selling of BTC has continued.

Crypto analyst Murphy stated that, based on BTC realized capitalization (RC) 7-day net position data, panic selling has continued to be released since June. A deeply negative RC indicates a large amount of tokens moving at a loss, which is characteristic of late-stage capitulation. The previous cycle of capitulation and absorption lasted 261 days, while in this cycle, this phenomenon has been ongoing for 177 days since January this year.