Analysis: A rebound is imminent only when there is no further room for a drop. Yesterday saw a realized loss of $860 million, surpassing previous records.

BlockBeats News, November 18th. On-chain analyst Murphy stated that on November 17th, the second wave of panic selling triggered an exodus, with the Entity-Adjusted Realized Loss (EARL) reaching $860 million, exceeding the $820 million scale seen on November 14th. The market's panic sentiment continues to spread and shows no signs of abating.

The current time period once again coincides with the timing of the past four-year bull-bear cycle theory, which many investors and even institutions still recognize. Only when EARL gradually decreases or overall diminishes during a price decline can it be considered that panic selling is about to be exhausted. Hitting rock bottom is the sign that a rebound is about to begin.