Bitcoin holders are locking in heavy losses

Since October 2025, realized losses on Bitcoin have exceeded 64.2B, according to CryptoQuant.
This reflects strong selling pressure and capitulation from investors during recent market weakness.
However, in perspective:
2021 2022 bear market losses reached 125.2B
Conclusion: current pain is significant, but still far from previous bear market extremes suggesting the cycle may not be fully exhausted yet.