Analyst: This bear market has realized losses of $174 billion, still below the peak of the previous cycle

Odaily Planet Daily News: On-chain analyst Darkfost stated that they have calculated the realized losses (in USD) in the Bitcoin market during various bear markets. Theoretically, as the total market capitalization continues to expand, under similar market behavior, the scale of USD losses in a bear market should also continue to grow.

Data shows that during the 2014 bear market, realized losses were only about $2.4 billion, when Bitcoin's market cap was around $6 to $8 billion; during the 2019 bear market, realized losses increased to $60 billion.

Since the peak of the current cycle in October last year, the market has cumulatively realized approximately $174 billion in losses. However, this figure has not yet set a new record, as the cumulative realized losses in the previous bear market reached $211 billion.

Darkfost believes this could mean there is still room for further market cleansing, but this judgment remains highly subjective. If the bear market lasts for several more months, the scale of realized losses could surpass the level of the previous cycle; but for now, although the current bear market has entered a deeper phase, cumulative losses have yet to reach an all-time high.