Bitcoin risks new purge with bear-market losses still $35B below 2022 total
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- CryptoQuant reports that Bitcoin realized losses since the October top total about $174 billion, still below the 2022 record $211 billion.
- Darkfost notes that realized losses are calculated in USD, and with a larger market cap, losses should be larger, but the 2026 bear market hasn't yet eclipsed 2022 levels.
- Ardi observes that retail investors continue buying dips with "remarkably high" conviction while mid‑size and institutional participants are selling into the same price declines.
- Bitcoin may still need a further purge of loss‑making exits before a bear‑market bottom is reached, according to historical patterns cited in the analysis.
Why it matters: Retail investors risk deeper losses as $174 billion already realized, while institutions profit by offloading supply; a continued purge could push Bitcoin lower before a true bottom forms.
