Specifically, the Bitcoin Net Position Realized Cap has dropped significantly, signaling a waning sentiment among major investors. This measure has historically been a crucial reflection of market confidence, with steep drops frequently portending uncertain times or corrective action.
Data from the crucial sentiment metric shows that the Net Position Realized Cap had fallen from $28 billion to barely $2 billion by the end of May. According to the expert, this sharp drop implies that long-term BTC holders, who are often considered the market’s backbone, have massively stepped back.
