Long-term $BTC holders just locked in their biggest realized loss on record — then the bounce came.
That timing matters. Heavy capitulation from strong hands usually clusters near major cycle lows, not tops. When people who've held through everything finally fold, that's often the washout before a turn.
Doesn't mean we bottom tomorrow. But it's a real signal. Pain from conviction sellers is different than noise from traders. This is the kind of data that marks transition zones.
Still holding. Still watching macro. Still patient. These moments separate cycles from chop.
That timing matters. Heavy capitulation from strong hands usually clusters near major cycle lows, not tops. When people who've held through everything finally fold, that's often the washout before a turn.
Doesn't mean we bottom tomorrow. But it's a real signal. Pain from conviction sellers is different than noise from traders. This is the kind of data that marks transition zones.
Still holding. Still watching macro. Still patient. These moments separate cycles from chop.