The people that say "we haven't seen any real capitulation yet" are flat-out wrong.
Could we see more capitulation? Maybe, but to say we've seen "none" is just incorrect.
#Bitcoin price is sideways because of Wall St is selling futures contract in a macro risk-off trade. Meanwhile institutional money is scooping spot BTC at peak rates and moving to cold storage.
It's times like these I remember the Q4 2020 supply shock squeeze.
Despite the Nasdaq being down 18% from its peak, a record high 64% of Bitcoin supply hasn't moved in at least a year.
Beneath the surface, there is a group of convicted HODLers viewing BTC as their store of value amidst unprecedented uncertainty in markets. Pretty remarkable.