Bitcoin just saw $2.3B in realized losses, one of the largest capitulation events on record. $BTC

Net Realized PnL shows how much profit or loss is locked in when coins move. Large red spikes mean heavy selling below cost basis.

This wave is driven by short term holders who bought between $80K and $110K. Long-term holders are still holding.

BTC bounced from $60K to $71K after this event, matching past capitulation rebounds.

But this can still be a relief rally inside a broader distribution phase. Watching 👀