I just reviewed the data, and the drop from a few months ago left something brutal: $3.2 billion in realized losses in Bitcoin. That even surpassed what happened with Terra in 2022. The collapse was from $70k to $60k in a single day, and most of those losses crystallized in less than 24 hours.

The interesting thing is that according to analysts, this meets all the criteria of a typical capitulation event — it was quick, with massive volume, and people simply sold regardless of the price. Daily net losses exceeded $1.5 billion. That is the largest absolute loss in dollars the Bitcoin network has ever seen in its history.

MicroStrategy took advantage of the moment and bought 535 BTC around $80k per coin. Now with Bitcoin trading near $81k, those capitulation signals we saw months ago are starting to look like potential inflection points. The data suggests that was probably the bottom many were waiting for.