Инвесторы терпят рекордные убытки на фоне обрушения рынка криптовалют Translation: Investors face record losses amid cryptocurrency market crash

The volume of realized losses for the leading cryptocurrency has reached levels comparable to those observed during the collapse of the FTX exchange, as noted by analysts from Glassnode.

This sharp increase indicates a massive asset sell-off by investors who purchased coins at higher prices. Experts have termed this a sign of capitulation—clearing the market of «weak hands.»

The speed and extent of the phenomenon point to a decreased «marginal» demand—as new buyers close their positions under pressure from falling prices. The majority of losses were incurred primarily by short-term investors.

In light of Bitcoin’s drop to a multi-month low around $82,000, daily liquidation volume surpassed $2 billion.

Most forcibly closed positions were long positions, amounting to $1.8 billion, while short sellers faced losses of $147 million.

Over the past 24 hours, 406,925 traders were affected. The largest individual liquidation occurred on the decentralized exchange Hyperliquid, with a BTC/USD pair worth $36.7 million.

At the time of writing, the leading cryptocurrency is trading at approximately $82,000, having declined 10.6% over the past day.

Previously, Glassnode noted that Bitcoin had breached the average price level for active investors, setting its sights on the $81,900 mark.

“Digital gold is now in the capitulation zone, and the market is driven by forced liquidations rather than rational valuation. Holders are incurring losses, which historically precede notable rebounds,” commented Timothy Misir, head of research at BRN.

However, the timing of a potential recovery is contingent on the return of institutional capital, the expert added.

The market corrections were preceded by significant outflows from spot Bitcoin ETFs, which lost $903 million—marking the second worst record since the instruments launched in January 2024.

Additionally, strong macroeconomic data from the U.S. created further headwinds for cryptocurrencies, dampening investor enthusiasm regarding further rate cuts by the FRS.

Media reports Reuters. This provided support to global markets, but it was insufficient to counter the wave of deleveraging already occurring within the digital assets sector.

“The macro situation is constructive, but the crypto market is trading almost entirely on internal flows and liquidation pressure,” Misir emphasized.

Andrei Dragosh, head of Bitwise research for the European region, noted that Bitcoin is approaching a zone of «maximum pain,» defined as the price range where the average entry prices of the largest institutional investors are concentrated.

He highlighted two key levels:

In his view, reaching either of these levels or forming a price floor within the specified range aligns with a typical phase of market consolidation. At this stage, the period of capitulation is likely to conclude, leading to a sustainable recovery.

As a reminder, Jeffrey Kendrick, head of digital asset research at Standard Chartered, previously asserted that Bitcoin’s correction has “run its course.” He anticipates a rise in the cryptocurrency by the end of the year.