On-chain data from Glassnode shows capital flows drying up, realized losses spiking, and short-term holders capitulating into weakness. Historically, this combo appears near the end of downtrends, not the beginning.
When forced sellers are gone, liquidity thins, volatility compresses, and price stops trending — not because demand is strong, but because there’s no one left to sell.
This doesn’t mean a rally starts tomorrow. But it does mean the bear is running out of energy.
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$BTC is showing classic bear-market exhaustion.
On-chain data from Glassnode shows capital flows drying up, realized losses spiking, and short-term holders capitulating into weakness. Historically, this combo appears near the end of downtrends, not the beginning.
When forced sellers are gone, liquidity thins, volatility compresses, and price stops trending — not because demand is strong, but because there’s no one left to sell.
This doesn’t mean a rally starts tomorrow.
But it does mean the bear is running out of energy.
Final exhaustion… or one last shakeout?