Despite Strong On-Chain Metrics, Macro Headwinds Remain

Bitcoin Magazine

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

November was a painful month. By looking at on-chain realized profit and loss data, we can see that this was true for many forced-sellers of bitcoin. Before any bitcoin price bottom, a hallmark sign that you want to see is extended periods of forced selling, capitulation and rise in realized losses. One way to view this is by looking at the sum of realized profit and loss for each month relative to bitcoin’s total market cap. We saw these bottom signals in November 2022, and similarly in the July 2022 Terra/LUNA crash, March 2020 COVID fear and December 2018 cycle bottom capitulation events. 

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