Opinion: Bitcoin Bear Market Bottom 'Surrender' Sell-Off Signal Yet to Emerge

BlockBeats News, June 2nd, glassnode stated in a post that the Bitcoin price has currently dropped to $69,500, with long-term holders experiencing a relative unrealized loss of 15.5%.

This means that for every $1 worth of Bitcoin held by long-term holders, they are currently facing an average of about $0.155 of unrealized loss. During the extreme bottom phase of past market cycles, this metric has exceeded 50%, meaning that each $1 of holding value corresponded to over $0.5 of book loss.

The data shows that there is indeed some pressure in the current market, but the level of pain experienced by long-term holders has not yet reached the typical level associated with historical cyclical bottoms. In other words, based on the loss situation of long-term holders, the market has not shown widespread and deep "surrender sell-off" signals seen at the bottoms of past bear markets.