The record breaking stats from BTC's capitulation on Thursday signal a bottom is near

Bitcoin experienced one of its most historic selloffs on Thursday, dropping over $10,000 from near $73,000 to around $62,000, marking its largest single-day decline since the FTX collapse in November 2022. This event drove extreme metrics: the Fear and Greed Index fell into single digits, and Bitcoin was the third most oversold ever on the RSI. Crucially, the circulating supply in loss surged to nearly 10 million BTC, a level comparable only to major bear market bottoms in 2015, 2019, and 2022. Furthermore, supply in profit and supply in loss have nearly converged at about 10 million BTC each, a condition historically associated with market bottoms. While the bottom is not certain, these record-breaking statistics suggest it is likely close, especially as Bitcoin has begun recovering toward $68,000, though a test of the 200-week moving average near $58,011 remains a possibility.

(Source：CoinDesk)