Analyst James Check: Bitcoin has seen two capitulation flushes and is forming a bottom
- —Check identifies two capitulation flushes: a price one in February near $60,000 and a time one in June–July
- —About $300 billion in on-chain volume has accumulated in the $58,000–70,000 zone, comparable to BTC's market cap at the FTX collapse
- —4 million BTC (20% of supply) moved from loss to profit on the recent rebound
- —The analyst deployed 90% of funds by August, increasing regular purchases since February
Why it matters: It is an argument for the end of the bearish phase: fewer sellers and coins returning to profit could strengthen demand on the next correction.
Source: TokenPost