As Bitcoin prices are cut in half from the ATH, the market experiences a large onchain capitulation event, with $2.5B in net realised losses. In response we analyse whether a macro bear has taken the reigns.

Topics for Discussion:
Analysis of the current drawdown from ATHs.
Assessing the damage as investors capitulate.
Compare current market dynamics to previous bears.
Underlying supply dynamics of LTHs and STHs.

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Timestamps:
0:00 Introduction
1:55 Market Structure
2:35 Market Drawdown from ATH
3:25 Net Unrealized Profit/Loss (NUPL)
6:35 Bearish Divergence in NUPL
8:20 MVRV ZScore
11:22 RealizedtoLiveliness Ratio (Live Chart https://glassno.de/35eZMQR)
14:30 RTLR Current Market Structure
16:10 Net Realized Profit/Loss and investor capitulation
17:15 Capitulation Events and Top Buyers
18:30 Realized Profit and Strong Hand sentiment
18:55 ShortTerm Holder SOPR
20:30 Long and Short Term Holder Supply in Profit/Loss
24:45 Summary and Conclusions
25:30 Surveying the 21Jan Selloff (   • Bitcoin: Surveying the 21 Jan Sellof...  )

About:
The Glassnode video report provides a weekly analysis update of the trends, performance, and onchain metrics for Bitcoin and the crypto market.

Disclaimer:
This report does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.