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.