Bitcoin has not shown signs of capitulation selling on-chain, according to monitoring cited by Odaily and attributed to Julio Moreno, a signal he said points to a mild market correction rather than a full washout. Over the past year, Bitcoin holders have realized losses of about 136,000 BTC. Moreno compared that figure with prior cycles, when annual realized losses typically reached between 1.3 million BTC and 3.7 million BTC around market bottoms. He said the gap may indicate that stop-loss driven selling on-chain has remained limited in the current cycle. In his view, that leaves open the possibility that Bitcoin could see more downside before a broader capitulation phase appears in on-chain data.
Bitcoin has yet to show signs of capitulation selling on-chain, according to monitoring by Julio Moreno cited by Odaily, suggesting the market remains in a mild correction and could still face additional downside.
Over the past year, Bitcoin holders have realized losses totaling about 136,000 BTC. Moreno compared that with previous cycles, when annual realized losses typically reached between 1.3 million BTC and 3.7 million BTC around the time Bitcoin prices bottomed.
He said the current reading may mean stop-loss driven selling on-chain has been relatively limited in this cycle, leaving room for a larger decline ahead.
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