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The Feb. 5 bitcoin crash resulted in $3.2 billion in realized losses, surpassing the 2022 Terra Luna collapse to become the largest loss event in bitcoin history. Data cited from Checkonchain and Glassnode shows the sell-off crystallized losses at a scale not previously recorded on the network.
According to Checkonchain, daily net losses exceeded $1.5 billion during the downturn. The largest realized loss in bitcoin history occurred during last week’s market decline, when bitcoin fell from about $70,000 to $60,000 on Feb. 5.
Glassnode reported that the Entity-Adjusted Realized Loss reached $3.2 billion. The metric tracks the USD value of moved coins sold below their acquisition price, while filtering out internal transfers between the same entity.
The $3.2 billion figure exceeded the $2.7 billion loss recorded during the Terra/Luna collapse in 2022, according to the figures referenced in the article. Checkonchain characterized last week’s bitcoin sell-off as meeting the criteria of a “textbook capitulation” event, occurring rapidly on heavy volume and crystallizing losses from the lowest-conviction holders.
With daily net losses above $1.5 billion, the sell-off represented the most significant absolute USD loss ever crystallized in the network’s history, based on the article’s cited data.
The article said the magnitude of the losses is consistent with additional signs of a bear market bottom. As of press time, bitcoin was trading around $67,600.
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