Bitcoin Investors Barely Starting to Feel the Pain

According to Julio Moreno, head of research at CryptoQuant, Bitcoin investors have barely begun realizing annual net losses. Despite this, the current loss is still far below previous cycle lows.

The rolling one-year total has fallen to a net realized loss of 136,000 BTC, worth $62,630. This figure is roughly 10% and 4% of the losses seen during two previous downturns, which reached 1.3 million BTC and 3.7 million BTC respectively.

Moreno argues that capitulation 'is nowhere to be seen', suggesting either this cycle has been unusually benign in terms of realized losses or there's still a lot of room for decline.