Non-Capitulation

Definition ∞ Non-capitulation describes a market condition where investors, despite experiencing significant price declines, refuse to sell their assets in a panic. This indicates a strong conviction among holders, suggesting they believe in the long-term value of their investment even amidst adverse market sentiment. It contrasts with capitulation, which involves widespread panic selling and a surrender to market pressures. Periods of non-capitulation often precede market bottoms or periods of recovery.
Context ∞ In cryptocurrency markets, non-capitulation is a frequently discussed concept, particularly during bear markets or significant price corrections for digital assets like Bitcoin. Analysts often point to on-chain data, such as long-term holder behavior, to assess whether investors are holding firm or beginning to sell. News reports frequently interpret non-capitulation as a sign of market maturity and resilience among cryptocurrency participants.