After nearly two years of a bear market, even the current dips barely make any change in realized losses. Clearly the bears seems to have dried out.

In just about four months we will be celebrating our second anniversary for this bear market, or it may be better to say a bear market followed by the crab market as right now. But still, two years with such a multitude of price crashes is no joke. In fact if we talk about absolute money values liquidated, this bear market is by far the worst with billions liquidated.

But it is also good to see that we are not at the beginning of the tunnel, but rather at the end of it. We are probably much closer to the end of this dark tunnel than to the beginning of it.

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Realized Profit and Losses for BTC, chart by MitchellHODL

This is one chart to possibly show that the realized losses (which are actual losses traders took by selling below their entry prices) have been diminishing through-out the bear market. With our biggest impulse during the LUNA implosion in 2022 and then the FTX implosion had smaller impulse, then the Silicon Valley Bank collapse and now this.

Clearly bears are just tired by now, there is not much damage left to be done and everyone that wanted to sell mostly already sold. In other words, now finally the runway is cleared for the next bull run, even if the plane may take some rounds to take off.