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      tldr; Bitcoin is at a critical juncture, with traders debating between a full capitulation or the start of a durable bottoming process. Analyst Maartunn highlights structural selling pressure from spot ETFs, a significant deleveraging in derivatives, and financial stress among short-term holders as indicators of potential bottom formation. However, he cautions that bottoms are typically prolonged processes marked by apathy and low engagement. Current data suggests early signs of a bottom, but further stress tests and volatility are expected.

      *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

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