Bitcoin Seller Exhaustion: Realized Losses Fall 80% From November Capitulation

According to Axel Adler Jr., three months of on-chain data show that Bitcoin's realized losses have dropped from a 7-day average of $2.4B in late November to $0.5B, an 80% reduction from capitulation levels. November 21–22 saw z-scores as high as 8.7–10.9 and daily losses above $5B, while later spikes with z-score near 1–2 are framed as normal volatility rather than renewed distress. Net realized profit/loss remains negative but is trending toward the zero line, which the analysis views as a condition for a potential local recovery if new demand appears.