Since the break below $70K, exchange inflows have risen sharply, with the majority of this volume consisting of coins held for roughly six to twelve months, coins most likely accumulated near the cycle highs. This pattern is consistent with capitulation among cycle-top buyers, as holders appear to be cutting losses rather than continuing to hold through the drawdown.

For some, this will be a painful stretch. That said, capitulation events of this kind among cycle-top investors have historically coincided with long-term bottom formation, a pattern observed in both the 2018 and 2022 cycles

Written by crypto sunmoon