CryptoQuant: Bitcoin Holders Realize Net Losses for the First Time Since October 2023

Odaily News On-chain data analysis firm CryptoQuant stated that Bitcoin holders have recently begun realizing net losses, marking the first occurrence since October 2023 and signaling a significant shift in on-chain profit structure.

CryptoQuant pointed out in its latest report that the market has transitioned from a "profit-taking" phase to a "loss-realization" phase over the past 30 days. Data shows that since the beginning of 2024, Bitcoin's realized profit momentum has been continuously weakening, with profit peaks declining sequentially, appearing in January 2024, December 2024, July 2025, and October 2025, reflecting a gradual attenuation of upward price momentum.

The report stated that since December 23, 2025, the cumulative realized losses for Bitcoin holders have reached a peak equivalent to 69,000 BTC. CryptoQuant believes this trend is highly similar to the on-chain patterns observed during the bull-to-bear transition phase of 2021–2022, potentially indicating that the current bull market is approaching its end.

CryptoQuant's Head of Research, Julio Moreno, explained that the calculation of realized profits and losses is based on on-chain transfer data and market prices, comparing the price at the time of each Bitcoin transfer with the price of the previous transfer to determine the corresponding profit or loss.