🐋 Losses push to the extreme
Since the October peak, BTC has already recorded approximately $175 billion in realized losses. For comparison, in 2014, only $2 billion left the market, in 2019, $56 billion, and the last bear market yielded $212 billion. This isn't crowd panic, but a stage where big capital is squeezing out weaker hands and clearing out their shoulders.
The gap between the current clearing and the previous extreme still remains, meaning the seller hasn't fully captured the full volume. A return to the discount zone and a refusal to increase realized losses will confirm buyer strength; a breakdown in the structure will mean a deeper move and a rise above $212 billion, where the model will capitulate.
BTCUSDT
Perp
61,883.1
-2.56%