Bitcoin has not yet experienced capitulation-style selling on-chain, suggesting there may still be room for further decline

According to monitoring by Julio Moreno, Bitcoin on-chain data has not yet shown signs of capitulation-style selling, indicating that 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, when Bitcoin prices bottomed, annual realized losses typically ranged from 1.3 million to 3.7 million BTC. Julio Moreno noted that this could mean the volume of on-chain stop-loss selling in this cycle is relatively low, or that there is still significant room for further downside ahead.