The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
In a previous issue, we highlighted that based on the level of realized losses, unrealized losses and capitulation trends in the past, we had yet to see a bear case capitulation play out:
“The key on-chain price areas to watch are still those that make up the cost basis. Currently the market’s realized price is around $24,000 while long-term holders realized price is around $17,000. As short-term holders realize losses, short-term holders realized price has dropped to around $48,000. If we’re to get the long-term holder market capitulation we’ve seen in the past, there’s potentially more downside to come.”