It bull market euphoriaThat drove prices to new heights through 2021 has been replaced by bear market doldrums.BTC(i) Buyer who purchased a property since Jan. 1, 2021. Glassnode’s data indicates that these buyers “are currently underwater”, which means the market will soon capitulate.

As seen in the graphic above, the NUPL, a metric tha is a measure of the overall unrealized profit and loss of the network as a proportion of the market cap, indicates that “less than 25% of the market cap is held in profit,” which “resembles a market structure equivalent to pre-capitulation phases in previous bear markets.”