Chairman Lee2025-11-06

[Macro Insight] The Capitulation is Over. This Is the Proof.

For anyone wondering if the recent crash below $105k was just a "correction," this chart provides the definitive answer: **No. It was a full-blown capitulation event.** This is the **SOPR (Spent Output Profit/Loss Ratio)**. * **Purple line > 1.0:** The market is selling in **profit**. * **Purple line < 1.0:** The market is selling at a **loss**. **Here's the analysis:** Look at the far-right side of the chart. That sharp, vertical dip in the purple line **below the 1.0 level** is the single most important signal of the last 48 hours. This is the statistical proof of **'distress-driven selling'**. This is the sound of holders who bought at $105k, $108k, and $110k finally giving up and **panic-selling at a significant loss**. **Why this matters (The Insight):** Historically, these capitulation spikes—where 'Maximum Pain' is reached and weak hands are flushed out—are the very events that **carve out a hard, structural bottom.** This SOPR data is the **'WHY'** behind our entire analysis. It confirms **WHY** the $98k-$99k level held. It wasn't just a technical support line; it was the **fundamental point of 'maximum capitulation'** where the market finally absorbed all the forced sellers. The panic is over. The leverage is flushed. The 'tourists' are gone. Now, the battle shifts from finding a floor to breaking the new, consolidated resistance ($106k-$108k). The bottom is in.