On-chain data suggests Bitcoin buyers who entered at the top may have already capitulated. Last time such a trend happened was back in July 2021, following which a new bull rally occurred. Lackluster Bitcoin Sell-Off Recently May Suggest Top Buyers Have Already Capitulated As per the latest weekly report from Glassnode, there hasn’t been any significant loss realization recently despite world-changing events taking place this week. The relevant on-chain indicator here is the “net realized profit/loss,” which tells us whether the overall Bitcoin market is realizing profits or losses right now. The metric works by looking at each coin on the blockchain to see what price it last moved at. If this price is less than the current price (that is, the selling price), then the coin sold at a profit. Investors harvesting a large amount of profit generally leads to a correction in the price. On the other hand, the buying price being more than the current one would imply a realization of loss. The Bitcoin market observing a significant amount of losses being realized can be a sign of widespread capitulation. Now, here is a chart that shows the trend in the BTC net realized profit/loss over the past year: The value of the indicator seems to have been slightly negative recently | Source: Glassnode's The Week Onchain - Week 9, 2022 As you can see in the above graph, it looks like a net amount of loss has been realized ...
