CryptoNews, Glassnode on-chain data shows that daily losses for "sharks" holding 100-1,000 BTC and "whales" holding 1,000-10,000 BTC are approximately $188.5 million and $147.5 million respectively, totaling about $337 million. Year-to-date, accumulated locked-in losses have reached $30.9 billion, approaching the levels seen in the 2022 bear market. Analysis indicates that current selling pressure mainly stems from rising macro risks and weakening market confidence, with large holders accelerating stop-loss exits. Meanwhile, long-term holders are still realizing an average daily loss of around $200 million, indicating that market selling pressure has not yet significantly exhausted. Under multiple pressures, Bitcoin still faces further downside risk, with some views estimating the potential bottom range between $40,000 and $50,000.