The pain in Bitcoin is still heavily concentrated in recent buyers. Around 62% of Short-Term Holders are underwater, vs. just 28% of Long-Term Holders. The weak hands are still being flushed out. Historically, true capitulation doesn’t arrive until closer to 40% of LTHs are in losses. We’re not there yet. That suggests either more downside… or more likely, a longer period of sideways consolidation while underwater holders slowly “graduate” into the long-term cohort. Chart → https://t.co/N8AxkdoJ1z
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