Bitcoin investors lost $14.2 billion in recent crypto crash

The magnitude of realized losses in the recent crypto crash has eclipsed all previous capitulation events, including March 2020, November 2018 and the sell-off that ended the last bull market in January-February 2018. According to on-chain report from Glassnode, a new all-time high of $4.53 billion in losses were booked on 19 May and $14.2 billion for the week.

The bitcoin market has experienced a tremendous deleveraging, with prices falling nearly 50%, and on-chain entities taking historical losses. During the week, the world’s biggest cryptocurrency traded down by over 47% from the weekly high of $59,463, to lows of $31,327.

This sell-off has been so severe that it has raised the question in many minds as to whether the 2021 bull market remains in play.