$BTC 1-Year Net Realized P/L just flipped negative — sitting at -354K $BTC.
But don't call it capitulation yet.
→ 2015: -3.7M $BTC
→ 2019: -4.0M $BTC
→ 2023: -4.3M $BTC
Losses are climbing, but we're nowhere near historical extremes. Real pain hasn't even started.
But don't call it capitulation yet.
→ 2015: -3.7M $BTC
→ 2019: -4.0M $BTC
→ 2023: -4.3M $BTC
Losses are climbing, but we're nowhere near historical extremes. Real pain hasn't even started.