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Opinion: Signs of a "capitulation sell-off" at Bitcoin's bear market bottom have not yet appeared
This means that for every $1 worth of Bitcoin held by long-term holders, they are on average experiencing an unrealized loss of about $0.155 (15.5 cents).
During extreme bottom phases of previous market cycles, this indicator has exceeded 50%, meaning that for every $1 of holding value, there was an on-paper loss of over $0.50.
Data shows that the current market does indeed face some pressure, but the level of pain endured by long-term holders is still far from the levels typically associated with cyclical bottoms in history.
In other words, based on the loss situation of long-term holders, the market has not yet shown the widespread and deep "capitulation sell-off" signs that usually occur at bear market bottoms.