Top buyer capitulation is still in play. This push toward $84 000 has prompted the worst-positioned investors to take the opportunity to exit the market while limiting their losses. These investors are made up of cohorts between 9 and 18 months old, whose purchase price could have been anywhere between $63 000 and $125 000. After setting realized loss records, including two events with over $300 million in realized losses from the 9m+ cohort, we're seeing a new episode of capitulation. The 9m+ cohort has just realized $246M in losses and $233M for the 1y+ cohort, for close to $500 million combined. These capitulation events have occurred in every bear market, but this time the exchange between weak hands and strong hands has never been this significant, and it's still ongoing today as Bitcoin sits at a major pivot point.