Bitcoin realized losses just hit –$317M/day (3D-SMA).
That’s distressed holders exiting into thinning liquidity.
Newer entrants forced to sell at losses → net outflows deepen.
Earlier in the cycle, this metric stayed positive.
Spikes back then marked local tops as traders sold into euphoria + leverage.
This setup now echoes Dec 2022:
• realized losses < –$300M/day
• forced selling dominated
• weak hands flushed
The difference now?
Downside spikes are shrinking.
Capitulation isn’t over, but momentum loss is stabilizing.
Supply keeps migrating to high-conviction holders.
That’s how bottoms are built quietly.
BTC
81,620.01
+0.31%