The bull market euphoria that carried prices to new highs throughout 2021 has given way to bear market doldrums for any Bitcoin buyer who made a purchase since Jan.
Historical data shows that the metric has declined into the sub-0.5 zone during the late stages of previous bear markets, which has yet to occur during the current cycle. Based on the current market conditions, a BTC price decline of an additional 10% could lead to a final miner capitulation event that would resemble the price decline and selling seen at the hight of previous bear markets.