According to The Block, on-chain data provider CryptoQuant states that Bitcoin has not yet shown a "full capitulation" bottom, with several key on-chain indicators still in the "bear market phase" and not entering the commonly seen "extreme bear market phase" at the bottom of previous cycles. CryptoQuant points out that although approximately $5.4 billion in realized losses occurred during the Bitcoin decline on February 5, the total realized losses for the month remain significantly below previous bear market bottoms. The corresponding "ultimate bear market bottom" is currently around $55,000, and bottoms typically take several months to form.
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According to The Block, on-chain data provider CryptoQuant states that Bitcoin has not yet shown a "full capitulation" bottom, with several key on-chain indicators still in the "bear market phase" and not entering the commonly seen "extreme bear market phase" at the bottom of previous cycles. CryptoQuant points out that although approximately $5.4 billion in realized losses occurred during the Bitcoin decline on February 5, the total realized losses for the month remain significantly below previous bear market bottoms. The corresponding "ultimate bear market bottom" is currently around $55,000, and bottoms typically take several months to form.