According to CryptoQuant analysis, the current BTC pullback may not yet represent a complete market collapse. Losses over the past 30 days have reached 187,000 BTC, lower than the 400,000 BTC loss during the February panic and the peak loss of 1.2 million BTC after the FTX crash. Historically, major bottoms tend to form after selling pressure is exhausted, and data suggests that this stage may not yet be reached.