Viewpoint: This decline may be due to actual loss-driven exits caused by market panic.

Odaily News On-chain analyst Murphy posted on the X platform, stating that on February 5th, the BTC entity-adjusted realized loss reached $3.2 billion, setting a historical record. This loss scale surpassed events such as the Luna collapse, the FTX bankruptcy, and the 312 and 519 events. A similar data point appeared on November 21, 2025, but it was later adjusted due to Coinbase consolidating wallets. This current data reflects actual loss-driven exits caused by market panic, occurring without any black swan event in the background.