Bitcoin (BTC) investors have recorded 30 consecutive days of net realized losses. Consecutive surrenders not seen since the end of 2023.
This trend is clearly visible in on-chain metrics. It was led by short-term investors who bought in the $98,000 to $100,000 range. They are the ones selling at a loss now. Prices range from $89,000 to $95,000.
In this way, the 30-day realized P&L indicator is fell below zeroThis shows that coins moved on-chain during the last month were sold, on average, for a lower price than their purchase price.
This does not necessarily indicate a decline in prices, but rather an indicator of increasing selling pressure from investors who bought at higher levels.
In the following graph presented by Julio Moreno, Head of Research at CryptoQuant, it can be clearly observed that after the price peak at the end of 2025, the bar (blue) drops below the zero line in January 2026. We also see that realized losses are at similar levels to 2023.
After reaching an all-time high of $126,000 in October 2025, it is clear that Bitcoin’s correction in early 2026 forced those looking for quick profits to retreat. This purge phenomenon is constant in Bitcoin cycles.
Buyers who bought due to FOMO (fear of missing out) They tend to abandon their positions in the face of panic and hand over their values with stronger convictions.
All of this happens under different ownership structures for BTC. historical changes are occurring. As reported by CriptoNoticias, for the first time in the history of digital assets, new whales have a greater participation in realized capitalization than older long-term whales.
In that case, even though sectors that recently entered the market (in 2024 and 2025) are “throwing in the towel”; There is a large absorption of capital by other large companies.. Notable among the latter are companies that hold exchange-traded funds (ETFs) and Bitcoin treasuries.
There is a prospect for a technical recovery
History suggests that These periods of economic stress usually precede a new phase of accumulation..
This situation occurred in a pattern at the end of 2023, with the net loss indicator falling below zero (see graph above). Therein there is a direct parallel with the current scenario in 2026. In that cycle, once speculators capitulated, prices began a parabolic rise.
This is a cleansing process and for most analysts is now eliminating unwarranted optimism. This stabilizes the price base, which could portend a new bull market.
