U.Today Crypto Digest: Ripple CEO Calls XRP “Heartbeat” of Company, Shiba Inu Drops to Lowest Level Since 2023, Bitcoin Price Rallies After US Jobs Report

A major capitulation event

The metric tracks the net dollar value of all coins moved on-chain compared to the price at which they were last moved

The massive red bars indicate periods where investors are predominantly selling at a loss.

Over the last week, the market has realized an average of $2.3 billion in losses every single day.

As noted by the analyst, this magnitude places the current crash in the “top 3-5 loss events ever recorded.”

The chart allows us to compare the 2026 spike against Bitcoin’s most infamous crashes

May 2021 (the China ban) is the tallest red spike on the chart. This occurred when Bitcoin dropped from $60,000 to $30,999 following China’s mining ban

The Terra/Luna & 3AC Collapse was the second cluster of massive red bars. This was a credit crisis that forced institutional giants to liquidate assets at depressed prices.

The FTX explosion marked yet another wider spike. The psychological capitulation was extreme, with Bitcoin collapsing to just $15,000.

The February 2026 event is visually comparable to the June 2022 deleveraging event

More pain?

Despite the severity of the capitulation, the worst might not be over for members of the cryptocurrency community. Standard Chartered has issued a cautionary note to cryptocurrency investors, warning that the market is poised for a significant correction.

Standard Chartered believes Bitcoin could slide as low as $50,000, with Ether potentially tumbling to $1,400.

Kendrick argues that the macro environment is flashing warning signs. The softening U.S. economy, delayed risk cuts, and ETF outflows could jointly contribute to lower cryptocurrency prices

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