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11 Million BTC Underwater… Capitulation or Opportunity? #CryptoTownHall
11 million Bitcoin underwater...capitulation or opportunity? Today's panel explains why the stat is overstated due to custodial ETF and exchange holdings where transfers no longer signal real ownership. They cover record long-term holder conviction, the persistent four-year cycle with possible lower lows into Q3/Q4, and lack of true capitulation without leverage deleveraging. Macro pressures from SpaceX liquidity drains, geopolitics, and inflation are weighed against stablecoins powering dollar dominance, tokenization, and RWAs. The discussion highlights crypto’s bifurcation into Bitcoin as…
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