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Analyst: The actual loss scale of Bitcoin holders remains below the previous peak, and the bear market has entered a deep adjustment phase
Because realized losses are valued in USD, as Bitcoin's market capitalization continues to grow, the scale of losses in each bear market cycle is also expanding.
Data shows that the total realized loss during the 2014 bear market was only about $2.4 billion, when Bitcoin's total market value was around $6 billion to $8 billion; during 2019, this figure rose to about $60 billion.
However, the scale of realized losses in the current cycle has not yet broken records. The previous bear market saw total realized losses of about $211 billion, higher than the current level.
Analysis suggests that this indicates there may still be room for further market clearing.
If the bear market lasts for several months, the accumulated realized losses could surpass the record of the previous cycle, but so far, even though this bear market has entered a deeper stage, the actual market loss scale remains below the peak level of the previous cycle.