Bitcoin Records One of Its Largest Surrender Events in History

On-chain data indicates that realized losses on the Bitcoin network in recent times are classified among the top 3 to 5 largest downturns recorded historically, at a level comparable to the 2021 crash.

This is not just a passing numerical note, but an important structural signal.

Why are surrender events pivotal in market cycles?

Major shifts in high-risk asset cycles are not built on optimism,
but on forced liquidations.

Historically, true turning points are associated with:
• Widespread realized losses
• Clear pressure on long-term holders
• Liquidity-driven liquidations rather than investment decisions
• Psychological and behavioral exhaustion among market participants

When these factors converge at extreme levels,
the market doesn’t just reassess the price,
it reboots the entire positioning.

What does this mean in practical terms?

Markets at this stage:
• No longer price growth scenarios
• Do not reflect optimistic narratives
• Instead, they purge the accumulated risk excess

This in itself is a sign that structural damage has already occurred.

A Key Point
Surrender does not necessarily mean:
• An immediate price bottom
• A direct reversal in trend

But it signifies something deeper:

A large portion of the pain has been absorbed within the system.

The real question now is not: Has the pain occurred?
It has already happened.

The most important question:

Was this pain enough to reset the market’s psychological and financial positioning in preparation for the next phase?

The answer will not come from price alone,
but from liquidity behavior, demand resurgence, and the stabilization of realized losses...

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