Bitcoin holders moved from booking gains to realizing losses this month, with net realized losses totaling about 69,000 BTC, according to CryptoQuant (Ed. note: this is the first 30-day net loss event since October 2023). Data shows that short-term selling has driven the shift on-chain.
Ki Young Ju highlighted the trend on social media. “Bitcoin tourists are cutting losses,” he tweeted.
The 69,000 BTC in losses equals roughly $6.18 billion at recent prices, with Bitcoin near $89,700. Realized profit peaked at about 1.2 million BTC in March 2024 and fell to 331,000 BTC by October 2025, even as price hit a $124,774 high.
Sean Dawson, head of research at Derive, said the decline in net realized profits does not necessarily predict a crash. “I don’t think these two are correlated,” he said, adding the change reflects lower volatility and more sophisticated market participants.
Other forces also influenced price, including fallout from a foreign bond-market event and a roughly $1 billion liquidation after recent political developments. For an interactive market context, see this market embed.
