Summary
- CryptoQuant said the recent decline in Bitcoin (BTC) is one of the largest correction phases in its history.
- It said this decline ranks 3rd–5th on record by loss magnitude and is comparable in scale to the 2021 crash.
- It added that the market is focusing on the expansion of realized losses on-chain along with recent sharp price volatility.
An analysis suggests that Bitcoin’s (BTC) recent slide could be recorded as one of the largest correction phases in its history.
On the 12th (local time), on-chain data platform CryptoQuant said via its official X (formerly Twitter) account that the current decline is comparable in scale to the 2021 crash. CryptoQuant explained that it is "among the 3rd to 5th largest on record by loss magnitude."
It added that "a drop of this scale in Bitcoin’s history is rare." However, it did not disclose additional data on the specific loss figures or the time period.
The market is focusing on the fact that, alongside the recent sharp price swings, realized losses on-chain are expanding.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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