BlockBeats news, on June 7, analyst Darkfost posted on social media that since the market peaked in October last year, Bitcoin holders have collectively realized losses of approximately $174 billion. Since realized losses are denominated in U.S. dollars, as Bitcoin’s market capitalization continues to grow, the scale of losses during each bear market has also expanded. Data shows that during the 2014 bear market, cumulative realized losses were only around $2.4 billion, when Bitcoin’s total market cap was approximately $6 to $8 billion; by 2019, this figure had risen to about $60 billion.
However, the current cycle's realized losses have not yet broken records. The previous bear market accumulated realized losses of approximately $211 billion, which is higher than the current level. Analysis suggests this indicates there may still be room for further market liquidation. If the bear market continues for several months, cumulative realized losses could surpass the previous cycle's record, but so far, even though this bear market has entered a deeper phase, the actual realized losses remain below the peak level of the prior cycle.