Bitcoin Short-Term Holders at 6% Loss, No Capitulation Yet

The distinction here is between stress and surrender: unrealized losses among recent buyers signal discomfort, but the lack of capitulation-style selling means the market has not yet flushed out weak hands. That matters because capitulation typically marks the point where forced selling exhausts itself and price discovery can restart. The open question is whether this pressure resolves through a gradual grind or a sharper, higher-volume sell-off — the latter historically being the more decisive signal.