Bitcoin's realized loss reached an unprecedented $3.2 billion on February 5, marking the highest on record, according to on-chain analyst Murphy. This loss surpasses previous significant events such as the Luna collapse and the FTX bankruptcy. Unlike past instances, this surge in realized loss is attributed to market panic rather than a specific black swan event. Similar figures were noted on November 21, 2025, but were later adjusted due to Coinbase wallet consolidation.