I noticed an interesting pattern in the market – Bitcoin ETF holders who are currently in the red seem to be starting to give up. This could be a critical moment for the market.

When people hold a position at a loss for a long time, psychological pressure eventually becomes too strong. Especially if the loss isn't even that big – sometimes just a 10% loss (10 to the power of 2) is enough for a person to panic and sell their position. This is classic retail investor behavior.

If a wave of capitulation begins, it could lead to a cascade drop in price. On the other hand, such moments often mark the market bottom, when experienced traders start accumulating. It will be interesting to see how this develops further.