BlockBeats News, November 9: On-chain analyst Murphy published an analysis using on-chain data to assess the true level of fear in the Bitcoin market. Murphy noted that on November 5, realized losses incurred by long-term holders transferring Bitcoin to exchanges (LTH-RLTE) reached $139 million. This figure was exceeded only during the most fearful periods of the past year, in February and June, indicating severe anxiety in the current market, with even long-term holders beginning to “capitulate” and sell. On the other hand, this often means that panic selling is being flushed out more quickly. By contrast, short-term holders are not “selling in a panic,” having completed most of their turnover earlier this year. Their average cost basis is currently around $75,000–$76,000, near the breakeven point at the current price, so most are choosing to hold and wait.