Bitcoin on-chain loss metrics reach Luna crash levels

Bitcoin’s on-chain loss indicators fell into deeply negative territory on Feb. 7, matching levels seen during the June 2022 Luna/UST collapse. The Net Realized Profit/Loss 7-day moving average dropped into negative readings before improving slightly by Feb. 10, and the current reading is the second deepest in the metric’s history.

The metric stayed below a significant negative threshold for five consecutive days, forming what analyst Axel Adler Jr. described as a sustained cluster of seller pressure. Realized losses have been dominating realized profits on moved coins, signaling the market is processing supply from participants selling below their cost basis.

Adler’s Bitcoin Realized Loss (7DMA) rose around Feb. 7 and remained elevated through Feb. 10, marking one of the highest smoothed levels on record. He warned that 7-day smoothing can understate peak stress—single-day losses can be far larger—and flagged Feb. 5 as the second-largest one-day realized loss in Bitcoin’s history.

bitcoin, on-chain metrics, net realized, realized loss, 7dma, moving average, seller pressure, luna crash, ust collapse, axel adler