Bitcoin drop sparks largest realized losses since FTX collapse
Bitcoin’s Friday drop to $88,400 and below triggered a fresh wave of sell-offs and the largest surge in realized losses since the 2022 FTX collapse. According to data from Glassnode, on December 5 the realized-loss chart for bitcoin showed its biggest jump since 2022, surpassing $5 billion.
According to analysis by Finbold, short-term holders bore the brunt of the market slump — while long-term holders were largely unscathed, having accumulated their assets at much lower prices.
Bitcoin realized losses chart showing highest spike since 2022. Source: Glassnode, Finbold
The last time bitcoin realized losses of this magnitude occurred was three years ago during the dramatic FTX crash — one of the most dramatic events in crypto history, which wiped out over $100 billion in global crypto market capitalization in a single day.
This time the scale of losses isn’t comparable, but is still significant. Within 24 hours liquidations worth a total of $493 million were recorded — $191 million in BTC and $116 million in ETH. Positions of 135,546 traders were liquidated. The largest single liquidation was a BTC-USD position worth $8.50 million on Hyperliquid.
The week’s sell-off was also driven by weak employment data, including weekly jobless claims hitting a three-year low, and renewed inflation fears. Although markets expect another 25 bp cut by the Federal Reserve (to 350–375 bps).
ETFs show counter movement
Pressure on bitcoin was heightened by outflows from spot ETFs. On Friday, ETF holders sold 2,599 BTC worth –$236.54 million — reversing a positive weekly inflow.
In contrast to bitcoin, investors in ETFs for Ethereum (ETH) and Solana (SOL) were more optimistic: ETH- ETF holders added 18,286 ETH (~$57 million) during the week (weekly inflow $138 million), and SOL ETF holders added 31,742 SOL (≈ $4.3 million) with weekly inflows exceeding $57 million.
As we wrote, Bitcoin price prediction: BTC settles at $91,500 amid labor deterioration and policy credibility concerns
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