There are currently no clear signs of capitulation. Bitcoin investors have only just begun to realize their losses. So far this year, approximately 136,000 Bitcoin have been sold at a loss—significantly lower than the previous troughs in earlier market cycles, when annual realized losses reached about 1.3 million and 3.7 million Bitcoin, respectively. This suggests either that this cycle is unusually stable, or that the market has not yet reached its true bottom. 📉
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