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CryptoQuant: Over the past month, $12 billion has flowed out of the Bitcoin network, with loss-making trades dominating the market
Since the peak of approximately $1.087 trillion in mid-May, the realized market value has decreased by about $12 billion to $1.075 trillion.
The contraction speed has significantly accelerated: on June 1, this indicator was -0.15%, and by June 8, it had fallen to -1.1%.
During the same period, BTC price dropped from $82,000 to $63,000, a decline of 23%.
The current outflow rate is comparable to the start of capitulation in March, when this indicator once reached -2.4%, indicating there is still room for deterioration.
The 30-day moving average of aSOPR has been below 1 for 13 consecutive days since falling below 1 on May 28, currently at 0.987, meaning the average loss per transaction is about 1.3%.
A long-term aSOPR below 1 is a classic sign of weak hands being cleaned out, and sellers still dominate before it recovers to 1.
Together, these two indicators define the capitulation phase: capital is flowing out of the network, driven by loss-motivated selling.