Recent on-chain analysis has shown that large Bitcoin investors are facing substantial realized losses as the cryptocurrency remains subdued below the $70,000 level. Data from Glassnode indicates that wallets with 100 to 10,000 BTC have collectively realized daily losses exceeding $200 million, based on a weekly moving average.
Long-term investors accelerate selling at a loss
The pressure is particularly visible among investors classified as “long-term holders,” who accumulated their Bitcoin holdings more than six months ago, often near previous price peaks. The 30-day moving average for such holders’ realized losses has risen consistently since November 2025. This trend signals that even veteran market participants are choosing to exit positions at significant losses during the ongoing price consolidation.
Glassnode is a leading blockchain data and analytics firm, known for its comprehensive insights on cryptocurrency trends and market behavior. The company aggregates and analyzes on-chain metrics for Bitcoin and various other digital assets, providing investors and industry participants with detailed research and reporting tools.
The scale of the recent losses has drawn comparisons to typical patterns observed during periods of market capitulation. Glassnode’s analysts observed that such flush-outs of “underwater” holders are common when downward cycles reach their late stages. However, current realized losses have not yet dropped to levels that have historically signaled structural exhaustion and the start of a new bull run. A decrease in daily realized losses to under $25 million is often seen as an indicator that forced selling has substantially diminished.
Despite these significant outflows, the timeline for hitting such an exhaustion point appears uncertain. The prevailing market mood has become increasingly negative, slowing the process and making a swift turnaround less likely in the near term.
Community sentiment reaches new lows
Along with the on-chain metrics, data on community attitudes reflect heightened pessimism across major social media platforms. Blockchain analytics provider Santiment has reported a surge in fear and uncertainty among traders and investors. The ratio of bullish to bearish discussions about Bitcoin has recently declined to its lowest level since late February.
Santiment, a well-known platform for social and on-chain cryptocurrency analysis, compiles data from channels including X, Reddit, and Telegram to assess crowd sentiment around digital assets. Their findings highlight that comments and posts display a pronounced shift toward negative outlooks, with just 0.81 bullish messages for every bearish one during the recent stagnation in Bitcoin’s price action.
Complicating matters further, Bitcoin’s price stability around $66,800 has coincided with global geopolitical uncertainties and ongoing debates over domestic regulation. These factors are contributing to continued caution among market participants.
Despite the downbeat narrative, Santiment noted that the current level of anxiety among traders and investors sometimes leads to a reversal. Historically, markets often turn upward once bearish sentiment reaches pronounced levels, catching many off guard.
Although no concrete evidence suggests an imminent shift, past cycles have shown that a spike in fear and pessimism can set the stage for a rebound if market dynamics improve.
