Bitcoin On-Chain Data Shows No Capitulation Selling, but Market Faces Correction or Decline

CryptoQuant analyst Julio Moreno has stated that on-chain data for Bitcoin has not yet shown signs of capitulation-style selling. Capitulation occurs when investors quickly sell their assets, often due to panic or desperation.

In the past year, Bitcoin holders have realized losses of approximately 136,000 BTC, which is a significant amount but lower than what is typically seen at price bottoms in historical cycles. At these points, annual realized losses can range from 1.3 million to 3.7 million BTC.

The current market is experiencing a moderate pullback phase and may face further downside, according to Moreno's analysis. This means that prices could drop before stabilizing or rebounding.