Bitcoin has not yet seen a capitulation-style sell-off on-chain, suggesting room for further decline

Odaily News: According to Julio Moreno's monitoring, Bitcoin on-chain data has not yet shown signs of a capitulation-style sell-off, indicating the market is in a moderate correction phase and may face further declines. Over the past year, Bitcoin holders have realized losses of approximately 136,000 BTC. In previous cycles, annual realized losses typically ranged between 1.3 million and 3.7 million BTC when Bitcoin prices bottomed out. Julio Moreno suggests this could mean a lower volume of on-chain stop-loss selling in this cycle, or that there is still significant downside potential ahead.