Traders are bleeding heavy right now. Realized loss margin just plunged to negative nineteen point four six percent, right inside the deep pain zone that has triggered some of the biggest Bitcoin rebounds of the past few years. This is the same band, negative fifteen to negative nineteen percent, where every major cycle bottom has taken shape. So the real question is simple. Are we watching the final liquidity flush play out or is Bitcoin about to dive into an even sharper volatility pocket before it snaps back with force?