According to analysts at Glassnode, Bitcoin's realized capital | DeFi - news, reviews, articles

According to analysts at Glassnode, Bitcoin's realized capitalization is down 18.8 percent from its peak. This is the equivalent of $88.4 billion in capital outflows and the second-largest decline in BTC history.

As a reminder, this figure takes into account the value of coins when they last moved. Accordingly, investors were quite active in fixing their losses and managed to sell at a loss.