We have never seen these levels before.

During the $80k and $60k nukes, the short term holders realised losses reached their highest levels ever.
The $60k nuke was true capitulation, clocking losses over $250m more than ever seen previously.
This does not mean that we won't get any other kind of leg lower within this bottoming phase.
But what it means to me is that even if we do have another capitulation event, is that it will not be as strong.
My worst case scenario is a drop to take out the lows and deviate the 200D SMA, likely to around $55k.
That would cause another spike in this chart.
But it would be smaller and the final one, if we ever get.
Basically, capitulation has happened already and we are bottoming...
But it is always wise to prepare yourself for every outcome, and the above situation is one you should allow yourself to believe is possible.
However, the bulk of the move is done, and we are finding our bottom imo.