: details
A weekly report from 'CryptoQuant' indicated that Bitcoin holders have started to record realized losses for the first time in a long while, a notable shift that may coincide with the beginnings of a broad bearish cycle in the crypto market.
According to the report, the realized net losses since December 23 amounted to about 69,000 Bitcoin over 30 days, marking the first time that profit dynamics turned negative during a monthly window since October 2023.
It was also noted that realized profits have been gradually declining since March 2024 as prices lost momentum.
Analysts see the current pattern as similar to what happened in the 2021–2022 cycle:
Where, after the peak of realized profits in January 2021, a series of lower peaks began to form before the market subsequently turned to net losses.
Similarly, realized profits peaked in January 2024, followed by lower peaks later in December 2024 and July and October 2025, leading to the margin turning negative currently.
The report added that the net realized profits decreased from about 4.4 million BTC in October 2025 to approximately 2.5 million BTC now, a level not recorded since March 2024, resembling levels observed in March 2022 during the early stages of the last bear market.
The report also pointed out that demand shrank over the last 30 days without a clear change in spot market indicators or ETF fund flows, reinforcing the early decline reading.
