Bitcoin holders are still realizing significant losses — but there’s an important shift happening.

The latest realized-loss data shows that selling pressure is still present, yet the bars remain well below the extreme spikes seen during the most aggressive capitulation events.

That could mean forced selling and panic are gradually losing momentum.

To me, this starts to look more like a late-bear-market / bottom-building phase rather than full-blown capitulation. But there’s one major problem: demand still isn’t strong enough to confidently confirm that the bottom is in.

For now, I’d rather zoom out, study Bitcoin’s historical cycles, and avoid emotional decisions.

Stay patient. Stay disciplined.

Markets punish panic — especially near the lows. 🧠📉

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