CryptoQuant: Bitcoin Realized P&L indicates a market shift to "Capitulation Confirmation" or confirmation of a bear market

BlockBeats News, January 23rd, CryptoQuant reported that based on Bitcoin's Realized Cap HODL Waves, Bitcoin's Realized Cap has dropped to 2.5 million BTC, the lowest level since March 2024, similar to the level seen when the last bear market started in March 2022.

Furthermore, for the first time since October 2023, Bitcoin holders are experiencing a net loss, with a cumulative loss of 69,000 BTC since December 23rd. This marks a shift in market sentiment from profit-taking to loss realization over the past 30 days.