Bitcoin’s correction is dragging on, but the numbers show an uncomfortable truth: sellers haven’t panicked yet. According to the on-chain update from CryptoQuant, realized losses over the last 30 days stand at roughly 187,000 BTC. That’s less than half the 400,000 BTC hit during the February panic and a fraction of the 1.2 million BTC spike that followed FTX’s collapse in late 2022.

The data matters because realized losses capture coins moving on-chain at a price lower than their last movement, filtering out noise from exchange volume. It’s a direct measure of investors locking in pain. Historically, large sustained sell-offs bottom out only after a wave of capitulation flushes out weak hands. Right now, that flush hasn’t arrived.

Capitulation events don’t just mark the end of a downtrend; they often reset the supply distribution. After FTX, the 1.2 million BTC realized loss spike was followed by months of accumulation that set the stage for the rally into new all-time highs. February’s 400,000 BTC panic wasn’t a full-blown reset either, but it was sharper than what we’re seeing now. The current figure suggests many underwater holders are still waiting rather than capitulating.

That hesitation keeps a ceiling on any relief rally because sellers could emerge as soon as the market attempts a bounce. It’s the kind of overhang that frustrates dip buyers. Until forced selling picks up, either from margin calls or a macro shock, the path to a durable bottom remains uncertain.

Uncertainty around US crypto regulation adds another variable. As lawmakers debate the biggest crypto bill in US history, the banking lobby’s last-minute push to alter it creates a split-screen for traders. Banks are trying to kill the landmark bill just days before a Senate vote, which could further delay regulatory clarity. For Bitcoin, a policy shock alongside unrealized losses could be the catalyst that finally triggers the seller exhaustion pattern missing so far.

CryptoQuant’s data doesn’t predict price direction, but it does suggest that the correction hasn’t reached the emotional low point where previous cycles turned. Traders watching on-chain signals will likely wait for a spike in realized losses, combined with lower exchange reserves or accumulation by long-term holders, before calling a bottom. Until then, the market remains in a drawn-out phase of distribution without the final shakeout.

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