Odaily Planet Daily reports that on-chain analyst Darkfost has analyzed the realized losses in the Bitcoin market (in USD) during previous bear markets. Theoretically, as the total market capitalization expands, the scale of USD losses during bear markets should continue to grow under similar market conditions. Data shows that during the 2014 bear market, realized losses amounted to approximately $2.4 billion, when Bitcoin’s market cap was around $6–8 billion; during the 2019 bear market, realized losses increased to $60 billion. Since the peak of this cycle in October last year, the market has accumulated approximately $174 billion in realized losses. However, this figure has not yet surpassed the record—previous bear market realized losses reached $211 billion.
Darkfost believes this may indicate that the market still has room for further liquidation, though this assessment remains highly subjective. If the bear market persists for several months, the realized loss volume could exceed levels from the previous cycle; however, at present, despite this bear market having entered a deeper phase, cumulative losses have not yet reached historical highs.