Take a look, the 90-day moving average profit-taking/capitulation ratio from glassnode. This market drop is mainly wiping out profitable positions, rather than the big capitulation seen in Q4 2018–Q1 2019 and Q2 2022–Q1 2023. In other words, if you’re trying to save the boat by carving the sword, the profitable positions in BTC are far from being cleared out, and the bear market hasn’t really started yet.