Capitulation pressure has eased, but profit-taking supply remains. #Bitcoin experienced two significant periods of selling pressure in 2026. In early January, the Realized P/L Ratio was recorded around 1.0, reflecting a relatively balanced realized profit and loss. Notably, after the second downturn, Bitcoin gradually stabilized around the $60,000-$65,000 range before a strong recovery from August. By October 17th, the Realized P/L Ratio had risen to approximately 2.8, while bitcoin:native approached $85,000-$86,000, indicating a significant increase in profit-taking activity as the price recovered. However, by the end of October, there were signs that profit-taking momentum was easing, but it was not yet sufficient to conclude that selling pressure had completely disappeared.