Bitcoin has seen record realized losses in one of the cryptocurrency’s largest-ever capitulation events as short-term holders sold at steep losses amid its decline.
Bitcoin has posted $2.3 billion in realized losses in what an analyst says is one of the largest capitulation events in history, rivaling its crash in 2021.
Bitcoin’s (BTC) seven-day average realized net losses hit $2.3 billion, analyst IT Tech said in a note on CryptoQuant on Thursday, which it called “one of the largest capitulation events in BTC history, rivaling the 2021 crash, 2022 Luna/FTX collapse, and mid-2024 correction.”
“This puts us in the top 3-5 loss events ever recorded,” IT Tech added. “Only a handful of moments in Bitcoin’s history have seen this level of capitulation.”
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