Analyst: Bitcoin Holders' Actual Loss Still Below Last Cycle's Peak, Bear Market Entering Deep Adjustment Phase

June 7th. Analyst Darkfost took to social media, noting that since Bitcoin hit its market peak last October, holders have racked up a cumulative realized loss of roughly $174 billion. Because realized losses are measured in U.S. dollars, each bear market’s total loss has grown larger alongside Bitcoin’s rising market value. Data shows cumulative realized losses hit just ~$2.4 billion during the 2014 bear market—at a time when Bitcoin’s total market cap ranged from $6 billion to $8 billion; by the 2019 downturn, that figure had climbed to about $60 billion. However, the current cycle’s realized loss hasn’t yet broken the record. The prior bear cycle saw cumulative realized losses of ~$211 billion, higher than today’s level. Analysts say this points to potential room for further market clearing. If the bear market persists for several more months, cumulative realized losses could eclipse the previous cycle’s record. Even so, as of now, while the current bear market has entered a far deeper phase, actual realized losses still sit below the prior cycle’s peak level.