As Bitcoin and Ethereum proceed rally, capitulation severity has lessened

by Jeremy

Definition

Internet Unrealized Revenue/Loss is the distinction between Relative Unrealized Revenue and Relative Unrealized Loss. This metric will also be calculated by subtracting realized cap from the market cap and dividing the outcome by the market cap.

Fast Take

  • Bear market bottoms happen when capitulation happens, even when the strongest palms promote as a result of concern available in the market.
  • In 2022, a number of occasions, such because the Ukraine invasion, Luna, and FTX collapse, noticed a number of capitulations.
  • Nonetheless, when BTC broke $20,000, the sentiment turned away from capitulation.
  • As you’ll be able to see, every bear market backside has made a better low, which exhibits the capitulation amongst holders turns into much less extreme and will also be associated to ATH drawdowns as they get much less extreme.
Bitcoin NUPL: (Source: Glassnode)
Bitcoin NUPL: (Supply: Glassnode)
Ethereum: (Source: NUPL)
Ethereum: (Supply: NUPL)

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