Bitcoin's capitulation is 4th worst ever as BTC hodlers lose $10 billion in a week

Bitcoin hodlers lost big after FTX, on-chain data confirms, with BTC since becoming a major target for opportunists buy-the-dip.< /p> Market news

Bitcoin (BTC) hodlers have capitulated more than at almost any time in Bitcoin's history this month.

Data from on-chain analytics firm Glassnode confirms the November 2022 BTC selloff was the fourth largest on record.

Bitcoin Investors See Multi-Billion Dollar Losses

In the latest edition of its weekly newsletter, “The Week On-Chain,” Glassnode looked at the impact of the FTX debacle on BTC investors.

Results were mixed, he reveals, with a significant loss of confidence, on the one hand, triggering a loss-making divestment of funds, while a "strong accumulation" also occurred.

For those entering BTC under current conditions, however, life has been anything but easy.

"A constant event that drives the transition from a bear market to a bull market is the dramatic realization of losses, as investors give up and capitulate on a large scale," Glassnode explained.

"November saw the fourth largest sellout event on record, recording a 7-day realized loss of -$10.16 billion. This is 4.0x larger than the December 2018 peak and 2.2x bigger than March 2020."

Annotated graph of bitcoin realized loss on 7 days (screenshot). Source: Glassnode

While the capitulation in dollar value can be explained by BTC/USD trading five times higher than at the end of 2018 and 4.5 times higher high as March 2020, it's no secret that cold feet have characterized the crypto markets since the FTX implosion.

As Cointelegraph reported, right after the event, the hodlers were sitting on