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Traders think Bitcoin bottomed, but on-chain metrics point to one more capitulation event

As seen in the graphic above, the NUPL, a metric tha is a measure of the overall unrealized profit and loss of the network as a proportion of the market cap, indicates that “less than 25% of the market cap is held in profit,” which “resembles a market structure equivalent to pre-capitulation phases in previous bear markets.”

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Source: Cryptocurrency - investing.com

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