On June 2, Glassnode reported that the price of Bitcoin has currently fallen to $69,500, with long-term holders experiencing a relative unrealized loss of 15.5%. This means that for every $1 of Bitcoin held, long-term holders are currently facing an average unrealized loss of about $0.155 (15.5 cents). Historically, during the extreme bottom phases of market cycles, this metric has exceeded 50%, indicating that for every $1 of holdings, there was more than $0.5 of unrealized loss. Data shows that there is indeed some pressure in the current market, but the level of pain experienced by long-term holders is still far from the levels typically associated with cyclical bottoms in history. In other words, based on the losses of long-term holders, the market has not yet shown the widespread and deep 'capitulation selling' signs seen at the bottoms of past bear markets.