CryptoQuant: Bitcoin holders experience net realized losses for the first time since October 2023

BTC2,32%

Odaily Planet Daily News reports that on-chain data analysis firm CryptoQuant states that Bitcoin holders have recently started realizing net losses, marking the first time since October 2023, indicating a significant shift in the on-chain profit structure.

CryptoQuant pointed out in its latest report that over the past 30 days, the market has shifted from a “profit-taking” phase to a “loss realization” phase. Data shows that since early 2024, Bitcoin’s realized profit momentum has continued to weaken, with profit peaks moving downward, occurring in January 2024, December 2024, July 2025, and October 2025, reflecting a gradual decline in upward price momentum.

The report states that since December 23, 2025, Bitcoin holders have realized cumulative losses equivalent to 69,000 BTC. CryptoQuant believes this trend is highly similar to the on-chain patterns during the bull-to-bear transition in 2021–2022, possibly indicating that the current bull market is nearing its end.

CryptoQuant’s Head of Research Julio Moreno said that realized profit and loss are calculated based on on-chain transfer data and market prices, comparing the price at each Bitcoin transfer with the previous transfer price to determine the corresponding profit or loss.

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