Both institutional and self-custody Bitcoin holders are facing massive losses, according to on-chain data. A specific cohort of long-term holders using cold storage is sitting on $27.89 billion in unrealized losses, mirroring a $8.5 billion outflow from U.S. Bitcoin ETFs since late 2024. This parallel suggests widespread sell-side pressure across the market despite divergent behavior between panicking retail investors and accumulating whales.
A specific cohort of self-custody Bitcoin holders is facing nearly $28 billion in unrealized losses, analysis shows. This financial pressure mirrors the $8.5 billion capital flight from U.S. Bitcoin ETFs since October 2024.
According to on-chain data, addresses holding between 10 and 10,000 BTC in cold storage for one to three months are down 23.39%. This indicates the market stress is systemic and not confined to institutional trading products.
The sell-side pressure is occurring even as different market participants show opposing behavior. Short-term retail demand has cooled significantly while large holders, or whales, have been accumulating.
CryptoQuant data shows whale holdings increased by approximately 200,000 BTC last month, reaching over 3.1 million BTC. A similar scale of accumulation preceded a major price rally in April 2025.
Despite the accumulation and other supportive pillars, the overall outlook remains strained. Bitcoin was trading just below $67,000, down roughly 27% over the past month.
Regarding a potential recovery, one analyst stated, “The recovery? It depends on price reaction at the levels above.” The asset remains down about 42% over a six-month period.
