📊🤔 Glassnode: At the $67,000 level, unrealized losses in the market are about 19% of total market capitalization.
This means that a large segment of investors is holding Bitcoin at a paper loss, without actually selling yet.
The current structure of “market pain” closely resembles what happened in May 2022, when the market entered a phase of intense psychological pressure before restructuring its trend.
🔎 What does this mean?
• Rising unrealized losses reflect increasing psychological pressure.
• Historically, these phases tend to precede either a capitulation wave or the formation of a medium-term bottom.
• Risk management in these zones becomes more important than chasing random rebounds.
The real question is not: Is there pain?
But rather: Are we in a distribution phase, or in a smart accumulation phase?