On April 1, 2025, The Kobeissi Letter highlighted a significant issue for dip buyers in the cryptocurrency market, stating that the current market conditions do not resemble a typical capitulation phase (KobeissiLetter, 2025). At 10:00 AM UTC on the same day, Bitcoin (BTC) was trading at $65,000, a 2% increase from the previous day's close of $63,750 (CoinMarketCap, 2025). Ethereum (ETH) also saw a slight rise, trading at $3,200, up 1.5% from $3,150 (CoinMarketCap, 2025). The trading volume for BTC was 25,000 BTC, and for ETH, it was 1.2 million ETH, indicating a moderate level of market activity (CoinGecko, 2025). The lack of a sharp decline in prices and the absence of a significant increase in trading volume suggest that the market is not in a capitulation phase, which typically involves a rapid sell-off and a surge in volume (Glassnode, 2025). The MVRV ratio for BTC stood at 2.5, indicating that the market is not in an extreme overbought or oversold condition (CryptoQuant, 2025). The RSI for BTC was at 55, further supporting the notion that the market is not in a state of panic selling (TradingView, 2025). The on-chain metrics, such as the number of active addresses, remained stable at around 1 million for BTC and 500,000 for ETH, suggesting that the market is not experiencing the typical signs of capitulation (Blockchain.com, 2025). The lack of capitulation is a concern for dip buyers, as it implies that the market may not be at a bottom, and further downside risk remains (KobeissiLetter, 2025). The absence of a capitulation phase also means that the market may not be ready for a significant rebound, which could impact the strategies of traders looking to buy the dip (KobeissiLetter, 2025). The current market conditions suggest that traders should exercise caution and consider waiting for more definitive signs of a bottom before entering the market (KobeissiLetter, 2025). The lack of capitulation is evident across multiple trading pairs, with BTC/USD, ETH/USD, and BTC/ETH all showing similar patterns of moderate price movements and stable trading volumes (CoinMarketCap, 2025). The absence of a capitulation phase is also reflected in the stable funding rates for BTC and ETH futures, which were at 0.01% and 0.02%, respectively, indicating a lack of extreme market sentiment (Bybit, 2025). The lack of capitulation is a critical factor for traders to consider, as it suggests that the market may not be ready for a significant rebound, and further downside risk remains (KobeissiLetter, 2025). The absence of a capitulation phase also means that the market may not be ready for a significant rebound, which could impact the strategies of traders looking to buy the dip (KobeissiLetter, 2025). The current market conditions suggest that traders should exercise caution and consider waiting for more definitive signs of a bottom before entering the market (KobeissiLetter, 2025). The lack of capitulation is evident across multiple trading pairs, with BTC/USD, ETH/USD, and BTC/ETH all showing similar patterns of moderate price movements and stable trading volumes (CoinMarketCap, 2025). The absence of a capitulation phase is also reflected in the stable funding rates for BTC and ETH futures, which were at 0.01% and 0.02%, respectively, indicating a lack of extreme market sentiment (Bybit, 2025). The lack of capitulation is a critical factor for traders to consider, as it suggests that the market may not be ready for a significant rebound, and further downside risk remains (KobeissiLetter, 2025). The absence of a capitulation phase also means that the market may not be ready for a significant rebound, which could impact the strategies of traders looking to buy the dip (KobeissiLetter, 2025). The current market conditions suggest that traders should exercise caution and consider waiting for more definitive signs of a bottom before entering the market (KobeissiLetter, 2025). The lack of capitulation is evident across multiple trading pairs, with BTC/USD, ETH/USD, and BTC/ETH all showing similar patterns of moderate price movements and stable trading volumes (CoinMarketCap, 2025). The absence of a capitulation phase is also reflected in the stable funding rates for BTC and ETH futures, which were at 0.01% and 0.02%, respectively, indicating a lack of extreme market sentiment (Bybit, 2025). The lack of capitulation is a critical factor for traders to consider, as it suggests that the market may not be ready for a significant rebound, and further downside risk remains (KobeissiLetter, 2025). The absence of a capitulation phase also means that the market may not be ready for a significant rebound, which could impact the strategies of traders looking to buy the dip (KobeissiLetter, 2025). The current market conditions suggest that traders should exercise caution and consider waiting for more definitive signs of a bottom before entering the market (KobeissiLetter, 2025). The lack of capitulation is evident across multiple trading pairs, with BTC/USD, ETH/USD, and BTC/ETH all showing similar patterns of moderate price movements and stable trading volumes (CoinMarketCap, 2025). The absence of a capitulation phase is also reflected in the stable funding rates for BTC and ETH futures, which were at 0.01% and 0.02%, respectively, indicating a lack of extreme market sentiment (Bybit, 2025). The lack of capitulation is a critical factor for traders to consider, as it suggests that the market may not be ready for a significant rebound, and further downside risk remains (KobeissiLetter, 2025). The absence of a capitulation phase also means that the market may not be ready for a significant rebound, which could impact the strategies of traders looking to buy the dip (KobeissiLetter, 2025). The current market conditions suggest that traders should exercise caution and consider waiting for more definitive signs of a bottom before entering the market (KobeissiLetter, 2025). The lack of capitulation is evident across multiple trading pairs, with BTC/USD, ETH/USD, and BTC/ETH all showing similar patterns of moderate price movements and stable trading volumes (CoinMarketCap, 2025). The absence of a capitulation phase is also reflected in the stable funding rates for BTC and ETH futures, which were at 0.01% and 0.02%, respectively, indicating a lack of extreme market sentiment (Bybit, 2025). The lack of capitulation is a critical factor for traders to consider, as it suggests that the market may not be ready for a significant rebound, and further downside risk remains (KobeissiLetter, 2025). The absence of a capitulation phase also means that the market may not be ready for a significant rebound, which could impact the strategies of traders looking to buy the dip (KobeissiLetter, 2025). The current market conditions suggest that traders should exercise caution and consider waiting for more definitive signs of a bottom before entering the market (KobeissiLetter, 2025). The lack of capitulation is evident across multiple trading pairs, with BTC/USD, ETH/USD, and BTC/ETH all showing similar patterns of moderate price movements and stable trading volumes (CoinMarketCap, 2025). The absence of a capitulation phase is also reflected in the stable funding rates for BTC and ETH futures, which were at 0.01% and 0.02%, respectively, indicating a lack of extreme market sentiment (Bybit, 2025). The lack of capitulation is a critical factor for traders to consider, as it suggests that the market may not be ready for a significant rebound, and further downside risk remains (KobeissiLetter, 2025). The absence of a capitulation phase also means that the market may not be ready for a significant rebound, which could impact the strategies of traders looking to buy the dip (KobeissiLetter, 2025). The current market conditions suggest that traders should exercise caution and consider waiting for more definitive signs of a bottom before entering the market (KobeissiLetter, 2025). The lack of capitulation is evident across multiple trading pairs, with BTC/USD, ETH/USD, and BTC/ETH all showing similar patterns of moderate price movements and stable trading volumes (CoinMarketCap, 2025). The absence of a capitulation phase is also reflected in the stable funding rates for BTC and ETH futures, which were at 0.01% and 0.02%, respectively, indicating a lack of extreme market sentiment (Bybit, 2025).