On-chain data shows the large Bitcoin holders have been participating in a notable amount of loss realization recently, a sign of capitulation.Bitcoin Sharks & Whales See High Values On Realized Loss MetricIn a new post on X, on-chain analytics firm Glassnode has talked about the latest trend in the Bitcoin Realized Loss for the sharks and whales. The “Realized Loss” here refers to an indicator that measures, as its name suggests, the total amount of loss that BTC holders are realizing through their transactions.In the context of the current topic, the version of the metric that’s of relevance is the one tracking the transfers related to two specific investor cohorts: the sharks and whales. These groups cover the 100 to 1,000 BTC and 1,000 to 10,000 BTC ranges, respectively. As such, the only investors who would qualify for the sharks and whales would be the big-money hands.Recently, the market as a whole has seen some pain as bearish momentum has dominated the sector, leading to loss-taking selloffs among investors. The sharks and whales haven’t been any different in behavior, as the chart for their Realized Loss shows.As displayed in the above graph, the Bitcoin sharks and whales have observed the 7-day simple moving average (SMA) of their combined Realized Loss sit at significant levels recently.From the chart, it’s visible that the loss realization spiked to particularly high levels following the price crashes in November and February, indicating a pronounced degree of market pain surrounding the events.Today, the 7-day SMA of the Bitcoin Realized Loss for the sharks and whales has a value greater than $200 million per day. “Typical capitulation behaviour from larger entities,” noted the analytics firm.Historically, major capitulation phases have tended to pave the way for bottoms as coins tend to transfer from weak hands to more resolute entities during such events. It now remains to be seen whether the loss taking from big-money investors has been extreme enough for a bottom yet.In some other news, Bitcoin has nearly arrived at the halfway point to the next Halving, as Glassnode has highlighted in another X post. Halvings are events that permanently slash in half BTC’s block subsidy, the compensation that miners receive for adding the next block to the chain.Halvings occur about every four years, with the next such event currently estimated to occur in April 2028. Bitcoin will reach the halfway point to this event at block 945,000. At the moment, the chain is at block 943,495.BTC PriceBitcoin has continued to consolidate recently as its price is trading around $67,000.