#BTC context matters here.

This kind of capitulation doesn’t show up near cycle tops.

On-chain data shows both long-term and short-term holder supply moving into loss. Historically, that happens during:

– mid-cycle corrections

– late bear phases

– deep consolidations before continuation

Not at macro tops.

At tops, holders are overwhelmingly in profit.

Right now, it’s the opposite pressure, fear, forced selling.

This looks like weak hands getting shaken out, not the end of the cycle.