CryptoQuant: Bitcoin holders experience net losses for the first time

On-chain data analysis firm CryptoQuant has indicated that Bitcoin holders have recently begun to realize net losses, marking the first time since 2023, signifying a significant shift in the on-chain profit structure.

In its latest report, CryptoQuant pointed out that the market has shifted from the "profit-taking" phase to the "loss realization" phase over the past 30 days. Data shows that since the beginning of 2024, the realized profit momentum of Bitcoin has continued to weaken, with profit peaks gradually declining, occurring in January 2024, December 2024, July 2025, and October 2025, reflecting a gradual decrease in price increase momentum. The report states that since December 23, 2025, Bitcoin holders have cumulatively realized losses equivalent to a maximum of 69,000 BTC. CryptoQuant believes that this trend is highly similar to the on-chain pattern during the transition from bull to bear market in 2021-2022, which may suggest that the current bull market is nearing its end.

CryptoQuant's research director Julio Moreno stated that the calculation of realized gains 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 calculate the corresponding gains and losses.