Major Bitcoin holders, including whales and sharks, realized losses averaging $337 million per day in the first quarter of 2026, marking the worst quarter since 2022. According to on-chain data, these cohorts have locked in approximately $30.91 billion in losses this year. The sustained selling pressure, combined with elevated losses from long-term holders, signals potential capitulation and raises the risk of a deeper price correction similar to the 2022 bear market.
Large Bitcoin investors realized significant losses in early 2026, indicating market stress. Data shows addresses holding 100–10,000 BTC locked in an average of $337 million in daily realized losses during Q1.
This pace is the most severe since the second quarter of 2022. In that period, BTC‘s price ultimately dropped by more than 50%.
So far in 2026, the combined realized loss for these whale and shark entities totals roughly $30.91 billion. Market pressure this year has been attributed to macro risks including inflation fears and broader stress in risk assets.
Long-term holders are also contributing to selling pressure. Losses from investors who held coins for over six months before selling have remained elevated since November 2025.
Analysts stated that a cooldown in this metric is a prerequisite for a market base. “A meaningful cooldown toward levels below $25M per day would represent a more compelling signal of exhaustion in selling pressure,” they noted.
This collective activity has fueled analyst calls for a deeper correction. Some point to the $40,000–$50,000 range as a possible bottom.
