Market cap only represents the unrealized, fictional value that presumes the latest price multiplied across every coin. A destruction of say 76% of the market

Market cap only represents the unrealized, fictional value that presumes the latest price multiplied across every coin. A destruction of say 76% of the market cap in no way means 76% of the value of the instruments used to obtain the BTC was destroyed. That is, it's possible for it to be impossible to ever realize losses anywhere near the market cap. An example. A thousand people pay $1 for a coin. Then two people pay $1000 for a coin. The market cap is now about a million even though only about $3k USD were traded for the coins. A massive reduction in market cap would give the misleading idea the better part of 1M was destroyed, when in fact there can't be more than $3k in realized losses.