Historically multiyear sea ice (MYI) covered a majority of the Arctic and circulated through the Beaufort Gyre for years. However, increased ice melt in the Beaufort Sea during the early-2000s was proposed to have severed this circulation. Constructing a regional MYI budget from 1997-2021 reveals that MYI import into the Beaufort Sea has increased year-round, yet less MYI now survives through summer and is transported onwards in the Gyre. Annual average MYI loss quadrupled over the study period and increased from ~7% to ~33% of annual Fram Strait MYI export, while the peak in 2018 (385,000 km^2) was similar to Fram Strait MYI export. An accelerating ice-albedo feedback coupled with dynamic conditioning towards younger thinner MYI is responsible for the increased MYI loss. MYI transport through the Beaufort Gyre has not been severed, but it has been reduced so severely to prevent it from being redistributed throughout the Arctic Ocean