⚠️ This is why everyone feels depressed in crypto right now
• Altcoin volumes are down –50%
• Spot Bitcoin ETF AUM has dropped $60B
• 50% of total BTC supply is underwater
• Bitcoin just recorded 11 straight days of panic selling
• Open Interest collapsed –$140B (–60% from peak)
• Holders realized $2.3B in losses in 7 days
• Stablecoin market cap growth has stalled (dry liquidity)
• Miner reserves are declining under operational pressure
• Funding rates remain persistently negative
• Only the 2nd time in history BTC posted negative returns for 5 consecutive months
• BTC stuck in a Capitulation Zone (Z-score < –3) for 5 months
• Fear & Greed Index in Extreme Fear (<20) for 20 days (2nd longest streak ever)
• Long-term holders starting to distribute at a loss
• Net exchange inflows rising — more BTC moving to sell
• On-chain activity trending downward
• Venture funding into crypto startups sharply down YoY
This is what real capitulation looks like.
Now the real question is:
Is this the end… or the reset before the next cycle?
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