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Last week’s defeat resulted in the largest realized loss for bitcoin to date; indicators of a potential bottom increase.
The Feb. 5 incident recorded the largest realized loss in bitcoin history, totaling $3.2 billion.
Entity Adjusted Realized Loss (Glassnode)
Key points:
- The February 5 decline in bitcoin resulted in realized losses of $3.2 billion, officially surpassing the 2022 Terra Luna collapse as the largest loss event in bitcoin’s history.
- As per data from Checkonchain, daily net losses exceeded $1.5 billion.
The most significant realized loss in bitcoin’s history took place during last week’s market decline, breaking previous records as the value fell from $70,000 to $60,000 on February 5.
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According to Glassnode, the Entity-Adjusted Realized Loss reached $3.2 billion. This metric specifically monitors the USD value of coins that were sold for less than their acquisition price, while excluding internal transfers within the same entity.
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This significant capitulation has even surpassed the most challenging periods of 2022, exceeding the $2.7 billion loss recorded during the collapse.
As stated by Checkonchain, “The bitcoin sell-off last week qualifies as a classic capitulation event. It occurred swiftly, with high trading volume, and crystallized losses from the least committed holders.”
With daily net losses surpassing $1.5 billion, the magnitude of this sell-off signifies the largest absolute USD loss ever recognized in the network’s history. This indicates further signs of a bear market bottom.
At the time of this report, bitcoin is trading at approximately $67,600.
