On February 6, the 7-day Exponential Moving Average (EMA) of Net Realized Profit & Loss for recent Bitcoin investors dropped sharply to –$1.24 billion per day, before slightly improving to –$0.48 billion per day. This decline reflects ongoing capitulation among short-term holders in a market struggling under pressure, as efforts to reclaim the $70,000 level have repeatedly faced demand exhaustion since early February. This situation contrasts sharply with the euphoric phase of Q3 2025, where profit realization was significantly higher. Furthermore, the current thin liquidity in the market presents structural challenges for any sustained recovery into the $70,000 to $80,000 range.
Bitcoin short-term holder realized losses reach –$1.24B/day on February 6
