According to @glassnode, Bitcoin’s latest drawdown triggered the largest surge in on-chain realized losses since the late-2022 FTX collapse, signaling an outsized loss-taking event across the market. According to @glassnode, short-term holders STHs generated the bulk of realized losses while long-term holder LTH losses remained comparatively contained, indicating selling pressure and stress are concentrated among recent buyers rather than LTH supply.

According to @glassnode, BTC realized losses have surged to levels last seen during the FTX collapse, showing a sharp spike in on-chain loss realization during the current drawdown, source: Glassnode post on X and report link glassno.de/48aHUDs, Nov 21, 2025. Short-term holders are driving most of the capitulation as recent buyers unwind positions, indicating a meaningful washout of marginal demand, source: Glassnode post on X and report link glassno.de/48aHUDs, Nov 21, 2025. Glassnode highlights the scale and speed of these realized losses as defining features of the move, relevant for traders tracking capitulation dynamics, source: Glassnode post on X and report link glassno.de/48aHUDs, Nov 21, 2025.

According to @milesdeutscher, Bitcoin’s current drawdown is 32%. source: @milesdeutscher on X, Nov 21, 2025. He notes the previous two BTC drawdowns were approximately 32% and 34%. source: @milesdeutscher on X, Nov 21, 2025. He adds that such corrections are not uncommon, framing the move within recent historical behavior. source: @milesdeutscher on X, Nov 21, 2025.