Bitcoin (CRYPTO: BTC) is showing signs of capitulation as bearish sentiment intensifies, but Bitwise’s Ryan Rasmussen argues that long-term investors are still using the weakness to accumulate.
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In an interview with Scott Melker on June 25, Rasmussen said Bitcoin’s latest drawdown below $60,000 has revived familiar "Bitcoin is dead" narratives.
He stressed that similar moments have historically appeared near major cycle lows.
Melker pointed to on-chain data showing that Bitcoin supply held at a loss has reached a record 10.83 million BTC, while long-term holders now control 14.8 million coins.
