> 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. That goes out the window the moment that the current "market cap" value of the coin is used as collateral for transactions involving "real" money and assets.