Analyst: Realized losses for the last quarter suggest that some market participants are still taking losses. However, the scale of these losses is significantly smaller than during the panic sell-off of late 2022. This suggests a healthier market structure, with some investors hesitant to exit at any price, and those who are selling are doing so more selectively. At the same time, overall realized losses remain moderate, indicating robust demand and relatively positive sentiment. If current trends continue, even periodic bursts of loss selling are unlikely to dramatically change the overall upward trend.