Deep-pocketed Bitcoin holders took a major hit in the first quarter of 2026 with on-chain data showing some of the largest realized losses since the last bear market cycle.

According to data from Glassnode, Bitcoin investors holding between 100 and 10,000 BTC, commonly referred to as ‘sharks’ and ‘whales,’ realized an average of $337 million in losses per day throughout Q1 2026.

 

$30 Billion in Losses and Counting

Combined, these large holders have already locked in approximately $30.9 billion in losses in 2026, highlighting the scale of the current market downturn.

Breaking it down:

  • Mid-sized holders (100–1,000 BTC) accounted for about $188.5 million daily losses

  • Larger whales (1,000–10,000 BTC) added roughly $147.5 million per day

The pace of losses rivals the depths of the 2022 crash when daily realized losses (the dollar value of losses locked in when BTC is sold on-chian below its purchase price) peaked even higher. That period ultimately saw Bitcoin drop by over 50% before further declines later in the year.

$BTC realized loss in 2022 stood at roughly $396 million daily average.#BearMarket2022 #Bitcoin pic.twitter.com/tHfro9O76t

— BitKE (@BitcoinKE) April 4, 2026

This time, however, the drivers are different. Analysts point to a mix of macro pressures, including

  • geopolitical tensions,

  • inflation concerns, and

  • broader risk-off sentiment tied to AI-driven markets,

as key factors weighing on Bitcoin.

INSIGHTS | AI is Disrupting Bitcoin by Making Mining Increasingly Unsustainable

Signs of Capitulation

Perhaps more concerning is that long-term holders are now also selling at a loss, a signal often associated with late-stage capitulation.

Glassnode data shows these investors have been realizing losses of around $200 million per day on average since late 2025, suggesting that selling pressure may not have fully exhausted yet.

Historically, sustained declines in realized losses, particularly toward significantly lower daily levels, have signaled the formation of a market bottom.

Until then, analysts warn that Bitcoin could face further downside with some projections placing a potential floor in the $40,000–$50,000 range.

MARKET ANALYSIS | Over 1/4 of Total Circulating Bitcoin Supply is Sitting on Unrealized Loss

 

 

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