BITCOIN JUST HIT THE CAPITULATION ZONE AND MOST RECENT BUYERS ARE OFFICIALLY BLEEDING.

If you want to know when this sell off actually ends, you need to look at one specific chart: the Short Term Holder (STH) Supply in Profit.
Right now, this metric has dropped below 50%.
In simple terms, this means more than half of the people who bought Bitcoin recently are currently losing money. This is a classic hallmark of a bear market.
When the majority of new investors are "underwater," panic takes over. People stop looking for opportunities and start looking for the exit.
This risk appetite stays dead until we see a massive shift in sentiment.
Historically, we don't see a real, sustained recovery until this line flips back above 50%. Until then, any small bounce is likely just a "dead cat bounce" because the demand simply isn't there to support a move higher.
With the current war uncertainty and the stock market sell-off.
Investors are scared, and as long as the majority of short term holders are in the red, the pressure to sell will stay higher than the urge to buy.
Watch this 50% level closely.
If we stay below it, the bear market is in full control. If we flip it, that's your first real sign that the bottom might finally be in.