Big players aren't capitulating just yet. The massive realized losses taken by large holders dealt a heavy blow to BTC, dragging the price down from $124k all the way to $84k. But here's the thing—once we hit that recent floor, these losses dried up. The selling pressure that had been mounting suddenly eased off, suggesting the worst of the forced liquidations might be behind us. Whether this is a temporary breather or a genuine shift in whale behavior remains to be seen, but the data shows a clear inflection point.