Bitcoin Capitulation Signal Flashes As $12B Leaves The Network

Bitcoin is showing renewed signs of on-chain capitulation, according to Axel Adler Jr.’s latest Adler AM Bitcoin Morning Brief, as realized capitalization contracts and loss-taking sales dominate market activity. The setup matters because two independent measures: Realized Cap Net Position 30D Change and adjusted SOPR are now pointing to the same stress regime.
In the June 10 brief, Adler said Bitcoin’s Realized Cap has declined by roughly $12 billion from its mid-May peak, falling f