I just noticed on the charts that Bitcoin holders' losses have reached incredible levels. This looks like real panic in the market, similar to what happened in 2018, during the COVID crash, and after the Luna/FTX collapse. The big players are clearly offloading their positions at a loss, without waiting for a rebound. Interestingly, during such spikes in realized losses, a purge of weak positions and high-leverage liquidations usually begin. The current drop of about 50% from the highs is not entirely typical; it was deeper before, but market panic is already clearly visible. Maybe we are close to the bottom of capitulation, when the last frightened sellers sell at a loss.