Bitcoin's recent pullback just triggered something wild — the largest wave of realized losses we've seen since the FTX collapse. Chain data reveals short-term holders are taking the biggest hit this time around. When rookies panic-sell near local bottoms, it often marks capitulation zones. The magnitude mirrors November 2022 levels, which historically preceded recovery phases. Interesting how cyclical behavior patterns repeat: new money enters euphoric, exits bleeding, while long-term holders accumulate the dip. This drawdown might be shaking out weak hands before the next leg.