As Bitcoin and Ethereum continue rally, capitulation severity has lessened Definition
Net Unrealized Profit/Loss is the difference between Relative Unrealized Profit and Relative Unrealized Loss. This metric can also be calculated by subtracting realized cap from the market cap and dividing the result by the market cap.
Quick Take
- Bear market bottoms occur when capitulation occurs, even when the strongest hands sell due to fear in the market.
- In 2022, multiple events, such as the Ukraine invasion, Luna, and FTX collapse, saw multiple capitulations.
- However, when BTC broke $20,000, the sentiment turned away from capitulation.
- As you can see, each bear market bottom has made a higher low, which shows the capitulation amongst holders becomes less severe and can also be related to ATH drawdowns as they get less severe.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,160.48
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Glassnode
Glassnode brings data intelligence to the blockchain and cryptocurrency space.