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The BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling.
These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning.
That matters because the road to $40,000 – $50,000 is not just a straight line down.
It is a sequence of failed rebounds, liquidity pockets, forced selling, and, eventually, indifference.
That is what bear markets do. They do not simply drop…
