Bitcoin’s market has recorded about $174 billion in realized losses since the current cycle peaked in October last year, according to on-chain analyst Darkfost.
According to Odaily, Darkfost reviewed realized losses in U.S. dollar terms across past Bitcoin bear markets and said that, in theory, losses should rise over time as total market capitalization expands under similar market behavior.
Darkfost’s data show realized losses of about $2.4 billion during the 2014 bear market, when Bitcoin’s market capitalization was roughly $6 billion to $8 billion. During the 2019 bear market, realized losses rose to $60 billion.
Since the peak in October last year, cumulative realized losses have reached about $174 billion, Darkfost said. However, he noted this figure has not set a record, as the previous bear market saw cumulative realized losses reach $211 billion.
Darkfost said this may indicate there is still room for further market capitulation, while adding that the assessment is subjective. He added that if the bear market lasts for several months, realized losses could exceed the prior cycle’s level, but for now the cumulative losses have not reached a historical high despite the bear market being in a deeper phase.
Darkfost: Bitcoin Bear-Market Realized Losses Total $174 Billion Since Last October Peak
2026-06-07 11:00:01
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