Bitcoin just recorded the largest capitulation of short-term holders in its history. The realized loss ratio has reached a new all-time high. Even worse than during the COVID crash. Worse than the May 2021 collapse. Worse than the FTX meltdown. Worse than the tariff-driven selloff. Despite all the panic, short-term holders are realizing losses at a pace never seen before in Bitcoin's history. 📉🔥 $BTC