BTC entity-adjusted realized loss reached $3.2 billion on February 5

According to Murphy, on February 5, the adjusted realized loss of BTC entities reached a record high of $3.2 billion, surpassing the loss scale caused by events such as the Luna crash, FTX bankruptcy, and the 3/12 and 5/19 incidents. A similar situation occurred on November 21, 2025, but the data was later adjusted due to a wallet consolidation by a certain exchange.