Just checked the on-chain data and it's pretty wild right now. Nearly 50% of all bitcoin in circulation is actually underwater at current prices. That means long-term holders who accumulated years ago are now sitting on losses and apparently some are starting to capitulate and sell. The circulating supply is around 20 million bitcoin, so we're talking about a massive amount of coins at a loss. This kind of pressure usually comes when people finally give up hope after holding through multiple cycles. Interesting to see if this capitulation continues or if we've hit the bottom for bitcoin. Either way, these are the moments that usually set up the next leg up.