Is Bitcoin capitulation here? Multiple signs are lining up, pointing in that direction.
November recorded $10.8 billion in 7-day realized losses for Bitcoin. The
in Bitcoin’s history is June 2022 when $19.8 billion was recorded. Such losses show that a large volume of Bitcoin has changed hands at discounted prices.A popular crypto investing saying is “you cannot lose if you do not sell.” Unrealized losses track the entire Bitcoin market versus total market capitalization. The November 2022 56% unrealized loss is the largest in the current bear market. In 2014-2015, unrealized losses hit an all-time high for Bitcoin holders at 86%.
Bitcoin investors are not the only group capitulating in the current market. Bitcoin miners are struggling to remain profitable with the depressed prices. There it is. Hash Ribbon miner capitulation confirmed. Triggered by the $10B FTX fraud and subsequent collapse, Bitcoin miners are now going bust and Hash Rate is trending down.
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