Analysis: Last week's Bitcoin crash resulted in the largest realized loss in history, and bottoming signals are gradually emerging.

According to ME News, on February 12th (UTC+8), Glassnode data showed that during Bitcoin's drop from $70,000 to $60,000 on February 5th, on-chain 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 during the 2022 LUNA crash. This data tracks realized losses after entity adjustments, only counting Bitcoin sold below the purchase price, and filtering out internal transfers within the same entity. Data analytics platform Checkonchain pointed out that this sell-off exhibits textbook characteristics of a capitulation: rapid pace, high trading volume, and a concentrated exit by low-conviction holders. Data shows that the average daily net loss that day exceeded $1.5 billion. Analysts believe that such a large-scale loss is a typical signal of a bear market bottom. (Source: ME)