If possible, hang in there a little longer! Looking at the 7-day net position change of BTC Realized Cap (RC), we can see that panic selling has been continuously unwinding since June. Why interpret it this way? It’s important to understand the logic behind RC changes. The change in RC over a certain period roughly equals the realized net profit and loss of all BTC moved during that time—meaning only on-chain movements cause changes. Therefore, RC rising or falling isn’t necessarily tied to BTC price movements, but there’s a statistical tendency: Sustained net capital inflows usually show as price and RC rising together, while sustained capitulation shows both declining in sync. So, typically at the start of a bear market, we see prices drop but RC doesn’t change much. When RC hits deep negative values (red zones), it signals the mid-to-late stages of the bear market. This is the result of a large number of tokens moving at a loss, a hallmark of late-stage capitulation. It’s especially meaningful when price and RC diverge for an extended period (i.e., price trends downward, but RC trends upward). This indicates that “realized losses” are gradually diminishing, and trading activity is extremely quiet. However, this process can last a long time. In the last cycle, the entire second half of capitulation and accumulation lasted 261 days. In this cycle, this phenomenon has been ongoing since January this year—177 days so far. We’ve already made it through the toughest times. Let’s hang in there a bit longer! It should be soon... #BTC #Crypto #HODL