🚨 BTC big dump in the last 24 hours: Panic escalation or final clearance?

On November 21, Bitcoin's fall led to realized losses (RL) reaching an all-time high, even surpassing famous black swan events like 3.12 and 5.19. Many people think "the market cap is too high, so the losses are greater," which is actually a misunderstanding.
Glassnode provides two key data points:
Realized Loss (RL): The floating loss from sold positions has turned into a realized loss, reflecting the level of panic.
Relative Unrealized Loss (RUL): The proportion of unrealized losses on unsold assets to market value, measuring psychological pressure.

A large market capitalization usually means that the market is more mature and not easily subject to massive losses due to a single event, but this time there has been a huge loss, and the fundamental reason is:
BTC investment community is becoming institutionalized
Average costs have generally risen.

In other words, this is not a matter of market value, but rather a matter of holding structure and cost level.
The more interesting question is: who is selling during this wave of panic selling?
Retail investors? Institutions? Leverage players? This is the key worth studying in depth.