Bitcoin traders are feeling the pinch as market conditions echo the bearish vibes of late 2022. 🐻 According to onchain analytics platform CryptoQuant, Bitcoin whales have offloaded coins worth $1 billion in July alone. The silver lining? This could be an early sign of a Bitcoin price bottom. Meanwhile, traders are sitting on unrealized losses of 17% - the most since the last Bitcoin bear market in December 2022. Miners are also in a "capitulation" phase, struggling to break even. CryptoQuant CEO Ki-Young Ju advises to "stay long-term bullish but avoid excessive risk."