On-chain analytics firm Glassnode has issued a warning that Bitcoin may face a deeper bear market if the long-term holder liquidity ratio continues to compress. The short-term holder (STH) Realized Profit/Loss Ratio has plummeted to 0.07, reflecting substantial losses among short-term investors. Meanwhile, the long-term holder (LTH) ratio stands at 408, indicating that long-term holders are still realizing significant profits. However, Glassnode cautions that if the LTH ratio drops below 10x, the risk of an extended bear market could increase.