PANews reported on February 12th that, according to CoinDesk, Glassnode data shows that during Bitcoin's drop from $70,000 to $60,000 on February 5th, on-chain realized losses reached $3.2 billion, setting a new record for the largest single-day loss in Bitcoin's history, surpassing the $2.7 billion loss recorded during the 2022 LUNA crash. This data tracks realized losses after entity adjustments, only counting Bitcoin sold below the purchase price, and filters out internal transfers within the same entity.

Data analytics platform Checkonchain points out that this sell-off exhibits textbook characteristics of a capitulation: rapid pace, high trading volume, and a concentrated exit by holders with low conviction. Data shows that the average daily net loss that day exceeded $1.5 billion. Analysts believe that such massive losses are a typical signal of a bear market bottom.