[Analyst: Bitcoin's Recent Pullback Leads to Record Realized Losses, Possibly Nearing a Local Bottom] BlockBeats News, February 21: Crypto analyst Michaël van de Poppe posted that 'Bitcoin's recent pullback has caused realized losses to surge significantly, reaching an all-time high. This is one of the largest realized loss events in Bitcoin's history, comparable to the 2018 bear market crash, the March 2020 COVID-19 plunge, and the peak losses during the 2022 Luna/FTX collapse. A large number of holders are engaging in capitulation-style selling, either panic-selling at a loss or transferring their BTC while in a loss position. Such extreme realization of losses typically indicates panic selling and forced liquidations in the market. Historically, similar surges in large-scale realized losses often occur at or near local bottoms, as they signify the complete clearing out of 'weak hands' and highly leveraged positions. Notably, the Sharpe Ratio has dropped to its lowest level since the previous cycle's bottom; the market is undergoing a massive capitulation event with extremely high realized losses; and market sentiment is nearing rock bottom. The only difference this time is that Bitcoin has only fallen about 50% from its all-time high, rather than 80%. The bottom is near.'