The realized market cap of Bitcoin short-term holders has fallen about 62% from its October 2025 peak, according to on-chain analyst Darkfost. The main factors are the destruction of UTXOs acquired at high prices through panic selling, and the creation of new UTXOs through buying at lower prices. In past bear markets, declines of 70 to 75% were recorded, and current levels are approaching that range. Darkfost expressed the view that it is necessary to determine whether the market will continue its correction phase or face a final decline.