According to CoinMeta, on-chain analyst checkmate pointed out that the Bitcoin mean reversion index is at q18, which is below the deep value zone standard of q20. This is the fourth wave of surrender-style selling since the historical high, with daily selling volumes rising from approximately $420 million to over $850 million. More than 85% of these sales came from investors who bought at the recent high of $80,000. Long-term holders are still mostly in a profitable position and have largely not sold their holdings.