According to Santiment, crypto-wide trading volume has been decreasing since its peak on February 27th, when traders were buying dips optimistically. Recent market cap declines over the past two weeks have led to trader behavior characterized by exhaustion, hopelessness, and capitulation.

According to Crypto Rover, retail investors are capitulating, while large investors continue to increase their Bitcoin holdings, indicating that this Bitcoin cycle is different from previous ones.

According to Miles Deutscher, the unrealized profit for $ETH whales has turned negative for the first time since 2023. Whales holding 1-10k in $ETH are now underwater on average, which may lead to further capitulation as they sell below their breakeven prices.

According to IntoTheBlock, last week's market drop led to a surge in active Bitcoin addresses, pushing the daily average to its highest level since December. This increase in on-chain activity was accompanied by a rise in zero-balance addresses, suggesting a potential capitulation phase.

According to @glassnode, Bitcoin's Cost Basis Distribution has shifted over the past week as volatility intensified. The analysis shows that the previous air gap of thin supply below the $90K levels is being filled, indicating significant market activity where certain holders capitulated while others bought the dip. These changes suggest a redistribution of Bitcoin holdings which could influence future price movements. The charts provided by glassnode illustrate these shifts in distribution, providing insights into market participant behavior.

According to glassnode, approximately one-third of Bitcoin accumulated at the $96K-$97.5K range in February was redistributed as the price declined. This trend was characterized by a stair-step pattern, indicating some accumulation from this price bucket near the $83K local bottom. However, the market experienced rapid selling, suggesting a broader capitulation.

According to Miles Deutscher, Bitcoin's short-term holder cost basis is approximately $92,000. Traders should note that capitulation often occurs below this level as holders liquidate their underwater positions. This makes $92,000 a critical level to monitor for potential market shifts.

According to Miles Deutscher, digital asset products have recorded their largest outflows ever, totaling over $2.9 billion. This significant withdrawal could signal a capitulation moment for Bitcoin, indicating potential trading opportunities as market sentiment shifts. Traders should monitor these developments closely, as historical patterns suggest that such outflows can precede price volatility (source: Miles Deutscher, Twitter).

According to Miles Deutscher, BTC cumulative returns have dropped to an extreme low during US trading hours earlier this week. This decline coincides with significant ETF outflows observed recently. The market might see a reversal once ETFs cease capitulating, suggesting a potential trading opportunity when ETF stability is restored.

According to IntoTheBlock, Bitcoin's active address count has reached its highest daily level since December 2024, which could indicate a capitulation moment. Such spikes in on-chain activity are historically associated with market peaks and bottoms, driven by panic sellers exiting and opportunistic buyers entering. This on-chain metric is crucial for traders as it may suggest heightened volatility and potential market turning points. Source: IntoTheBlock.

According to Trader_XO, the current market condition is described as 'exhaustion' rather than 'capitulation.' Trader_XO suggests that capitulation, if it occurs, is expected much later and emphasizes a trading strategy focused on moving from one level to another, without concern for the timing or location of potential capitulation. This approach has been effective for Trader_XO, as per their statement on Twitter.

According to Michaël van de Poppe (@CryptoMichNL), altcoins have displayed resilience as their market capitulation occurred two weeks ago. In contrast, Bitcoin is currently experiencing its capitulation phase this week, coinciding with a peak in negative market sentiment.

According to Lookonchain, a whale capitulated due to the drop in ETH price. Two years ago, the whale withdrew 2,334 ETH (valued at $4.24M) from Binance at a price of $1,815 per ETH. Recently, the whale deposited 2,375 ETH (worth $4.96M) back to Binance, realizing a profit of approximately $660K. This move indicates strategic profit-taking amid market fluctuations.

According to Miles Deutscher, the Crypto Fear and Greed Index has reached its lowest level since the 2022 bear market. Such extreme deviations are historically associated with major capitulation moments, which often signal the formation of a local bottom, potentially providing a buying opportunity for traders.

According to @milesdeutscher, Bitcoin holders sold for a total of $1.73 billion in realized losses yesterday, marking the highest since August 2024. This significant sell-off is contributing to signals of capitulation as Bitcoin's price moves lower. The data highlights crucial trends for traders considering market sentiment and potential entry points.

According to Miles Deutscher, Bitcoin ETFs experienced their second-largest outflows ever, with over $937 million exiting the market in a single day. This marks the highest outflows in over 12 months, potentially signaling a peak capitulation event in the short term. Such substantial outflows may indicate trader sentiment shifting towards caution, impacting Bitcoin's market performance and potentially affecting trading strategies moving forward.

According to Miles Deutscher, SOL sentiment has reached its lowest point in over a year since it first reclaimed the $100 level. This shift follows a period where SOL was a top performer, indicating a significant moment of capitulation in the market. Traders should note this as a potential signal for market changes.

According to Crypto Rover, the recent market movement indicates potential capitulation, as highlighted in his tweet on February 25, 2025. This is a critical moment for traders to assess their positions, as capitulation often precedes significant price reversals. Observing volume spikes and sentiment shifts will be crucial for identifying entry and exit points. Market participants should remain cautious and consider the broader market trends before making trading decisions.

According to Michaël van de Poppe, a recognized cryptocurrency analyst, the market may be approaching a significant capitulation phase. This statement suggests that traders should prepare for potential volatility and opportunities to enter or exit positions. The notion of a 'final capitulation' indicates potential for a market bottom, which could be relevant for strategic long-term investments. Source: Michaël van de Poppe's Twitter.

According to Miles Deutscher, the overall market sentiment has returned to 2024 lows, even though Bitcoin ($BTC) is trading at significantly higher prices. Deutscher highlights that cryptocurrency sentiment is more closely tied to altcoin performance, which has been struggling recently. This situation raises the question of whether the market is approaching a local capitulation for altcoins, hinting at potential trading opportunities as traders evaluate altcoin positions for possible rebounds.