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.” Today, as ... (full story)