Capitulation metrics just hit Nov 2022 levels — plus 4 other things from this week

Been tracking a few things this week worth sharing.

The capitulation read. Relative long/short-term holder realized profit/loss to exchanges spiked to a level we haven't seen since Nov/Dec 2022, which marked the exact cycle bottom.

Institutional access keeps widening. Morgan Stanley rolled out spot BTC trading on E*Trade to roughly 8.6M clients. T. Rowe Price launched an actively managed spot crypto ETP with ~40% in Bitcoin. Both in the same week, in a bear market.

South Korea. Their new National Asset Basic Act brings digital assets under government asset management for the first time since 1950. This is a management law, not a strategic reserve. However, pair this with Japan moving toward Bitcoin ETFs last week and it is clear Asia's biggest economies are quietly building Bitcoin into their financial systems.

Debasement continues. M2 money supply hit a new all-time high of $23.05T. National debt around $39.4T.

Most interested in what people think about the capitulation read specifically. Bottom signals seem to be flashing everywhere, is this real or will there be another leg down before we test lower?

I put these together weekly if anyone wants the full version with charts:

https://orangenest.beehiiv.com/p/5-sats-sunday-7-19-2026