Recent market downturns have significantly impacted Bitcoin investors, with losses exceeding those experienced during previous events like the FTX crash and the 2024 correction. While these investors are grappling with substantial losses, there is no indication of a mass exodus or panic. Instead, traders seem to be exhibiting cautious optimism as they anticipate potential market shifts. The current downturn echoes past crashes, particularly in terms of scale but with a notable difference in market sentiment: a contrast between the FTX crash’s panic and lack of liquidity versus the current scenario’s hesitation, sufficient liquidity, and Bitcoin’s continued trading above $80K despite the losses. Comparatively speaking, these losses are now surpassing those seen during the 2024 correction and even reminiscent of the November 2022 crash, prompting concerns about a possible wave of short-term capitulation if historical patterns repeat.