$BTC On-Chain Data Fails to Show Classic Capitulation

CryptoQuant's research head Julio Moreno says that despite recent price fluctuations in Bitcoin, on-chain data indicates the market has not yet reached a classic capitulation phase.

In his assessment, Moreno stated there is no strong capitulation sell signal yet in Bitcoin and that it has not entered a full capitulation phase. This suggests that $BTC and the market are either in a slight correction or may face further declines.

The number of year-over-year losses recorded by $BTC holders has recently surpassed 136,000 units. According to Moreno, this is lower than the annual realized losses seen in previous cycles, which bottomed out between 1.3 million and 3.7 million units.

Moreno added that this cycle could go down in history as the mildest phase of losses in Bitcoin history, but losses could also deepen beyond current levels.