Bitcoin’s Latest Selloff Mirrors June 2022 As New Buyers Realize $1.5 Billion In Daily Losses - Déjà Vu or Buying Opportunity?
Bitcoin just delivered a brutal reminder that crypto doesn't do slow declines—it cuts straight to the chase. A sharp, cascading selloff has traders flashing back to the summer of 2022, with fresh capital taking the biggest hit.
The Ghost of Corrections Past
Patterns are repeating. The velocity of the drop, the liquidation cascade across exchanges—it’s all feeling eerily familiar. New entrants, often the last to arrive at the party, are now staring at a collective $1.5 billion hole in their portfolios from a single day's action. That’s not a dip; that’s a crater.
Where’s the Floor?
Everyone’s asking the same question. Technical levels are being tested, leverage is getting purged, and the usual chorus of ‘buy the fear’ is battling against genuine panic. This is the market’s mechanism for transferring wealth from the impatient to the patient—a process as old as finance itself, just dressed in digital assets.
The Silver Lining Playbook
History shows these moments aren’t endpoints; they’re reset buttons. Sharp corrections shake out weak hands and reset over-leveraged positions, creating a healthier foundation for the next leg up. For veterans, this volatility isn’t a bug; it’s a feature—the entry fee for asymmetric returns.
The market’s memory is notoriously short, and today’s panic often fuels tomorrow’s rally. Just another day in the world’s most efficient machine for separating traders from their conviction—and occasionally, their capital.
Bitcoin Net Realised Profit/Loss Has Plunged Recently
In a new post on X, on-chain analyst Checkmate has talked about how loss-taking has looked during the latest bitcoin price crash. The indicator cited by Checkmate is the “Net Realised Profit/Loss,” which measures the net amount of profit or loss that investors are realizing through their transactions.
The metric works by going through the transaction history of each coin being sold to see what price it was moved at prior to this. If the last selling price was greater than the latest spot price for any token, then that particular coin is now being moved at a net loss. On the other hand, the previous selling price being less suggests the sale is leading to profit realization.
In each case, the degree of profit/loss involved is equal to the difference between the two prices. The Net Realised Profit/Loss sums up this value for both types of sales and then finds their net value.
When the value of the indicator is greater than zero, it means the investors are selling their coins at a net profit. Similarly, it being negative implies loss-taking is the dominant mode of selling.
Now, here is the chart for the ethereum Net Realised Profit/Loss shared by Checkmate that shows the trend in its 7-day exponential moving average (EMA) value separately for buyers from different years:
As displayed in the above graph, the Ethereum Net Realised Profit/Loss fell into the negative zone for the 2025 and 2026 buyers as the market crash took place. This suggests that buyers from the past year participated in loss realization.
“Class of 2025 and 2026 collectively puked out $1.5B/day in losses on the MOVE lower, equivalent to the June 2022 low at $17.6k,” noted the analyst. Buyers from other years also participated in selling during the drawdown, but their distribution mostly involved profit-taking.
In related news, the unrealized loss in the market has also hit a value similar to that witnessed during the 2022 bear market, as on-chain analytics firm Glassnode has pointed out in an X post.
From the chart, it’s visible that the Relative Unrealized Loss, an indicator representing the unrealized Bitcoin loss as a percentage of the market cap, has risen to 16% recently. “Current market pain echoes a similar structure seen in early May 2022,” explained Glassnode.
BTC Price
At the time of writing, Bitcoin is trading around $69,300, down more than 11% over the past week.
