Bitcoin Capitulation Has Barely Started, Analyst Says
Bitcoin investors are finally selling at an annual net loss, but the pain remains below the levels seen during previous capitulation events.
Bitcoin holders have only just begun realizing net losses on a yearly basis, suggesting the market has either avoided the worst of a typical downturn or has much further to fall.
Julio Moreno, head of research at CryptoQuant, an on-chain analytics platform, said in an X post that the rolling one-year total had fallen to a net realized loss of 136,000 BTC. But that is still far below previous cycle lows.
According to Moreno, annual realized losses reached 1.3 million BTC during one previous downturn and 3.7 million BTC during another. Bitcoin’s net realized profit/loss. Source: CryptoQuant The current figure is equal to roughly 10% and 4% of those losses, respectively.
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