According to CoinMeta, trader Murphy stated that the latest indicators from Glassnode show that the BTC seller exhaustion index has entered the “extreme exhaustion zone” for the first time during this bear market, a metric that comprehensively measures low volatility and high losses. He noted that similar signals in history have usually appeared at the bottom of bear markets, but the first occurrence does not necessarily correspond to an absolute low point. If prices remain volatile or continue to decline, and the index does not set new lows, then the historical certainty of a second signal is usually higher.