James Check: Bitcoin has seen two capitulations, buying to stop near $100K
- —Check identified capitulations at $60,000 in February and $58,000 in June–July
- —Cost basis in the $58,000–$70,000 range estimated at about $300 billion
- —Roughly 4 million BTC, or 20% of supply, moved from loss into profit
- —Check has deployed 90% of planned funds and will stop buying near $100,000
Why it matters: On-chain capitulation signals contrast with $4.5 billion of June outflows from US spot Bitcoin ETFs, so a market bottom is not yet confirmed.
Source: TokenPost