Weekly Deep Dive: Long-Term Holders Capitulate as Bitcoin Tests Fair Value Floor

Bitcoin printed $58.9k on Friday June 5 — 53% off the October high and the third 25%+ drawdown of this bear market. On-chain cost-basis math has every high-level KPI inside the fair-value band except one. Long-term holders are now capitulating in a way that rhymes with November 2022, the AI trade looks more and more like 2021 crypto mania, and the rates market has started pricing October hikes. Here is what is happening in plain English: