CryptoQuant says bitcoin holders are realizing net losses for the first time since October 2023
Bitcoin holders are realizing net losses for the first time since October 2023, signaling a shift from profit-taking amid declining realized profit momentum.Summary
According to CryptoQuant, Bitcoin holders have started realizing net losses for the first time since October 2023, indicating a significant change from over a year of sustained realized gains. The onchain analytics firm noted that realized profit momentum has steadily declined since early 2024, suggesting weakening price strength even when spot prices were elevated. Since December 23, 2025, cumulative losses equivalent to 69,000 BTC have been realized. CryptoQuant compares this shift to the 2021–2022 bull-to-bear transition, where realized losses began to dominate before the bear market. Annual net realized profits are also trending lower, reaching levels similar to March 2022, which CryptoQuant interprets as a loss of strength in Bitcoin's price and consistent with their recent warnings about a potential bear market rally.
(Source：The Block)