🔴 Since January 20, the market has been dominated by realized losses, with many investors capitulating and giving up as the correction drags on.

To reduce noise, this is shown as a weekly average. That said, the data still needs to be interpreted with caution, as we can observe many UTXO consolidation transactions.

(Fidelity Investments has also moved a large amount of BTC recently.)

👉 Between February 5 and 11, the 7 day average of realized losses exceeded $2B every single day, significant figures and the highest levels of the year.

The correction is starting to hurt poorly positioned or impatient investors.

Weak hands are beginning to leave the market, yet Bitcoin has held up relatively well over the past few days.