Bitcoin risks new 'purge' with bear-market losses still $35B below 2022 total
Bitcoin may still have further downside before a true bear-market bottom forms. Onchain data shows realized losses since the October peak are about $174 billion, below the $211 billion record from the 2022 bear market. Because Bitcoin’s market cap is larger now, losses would be expected to be even higher if capitulation matched prior cycles. Analysts say this suggests the market may need a few more months of decline and loss-taking to fully purge weaker holders. Market behavior also points to incomplete capitulation. Retail traders have been buying dips and trying to catch the bottom, while larger and institutional participants have been selling into relief rallies. That pattern suggests supply is still being absorbed by less-capitalized investors rather than marking a final washout. Until that changes, it is hard to argue that a durable BTC floor has formed.
