Large Bitcoin investors are absorbing significant realized losses as the flagship cryptocurrency remains trapped in a prolonged sideways slump below $70,000.
According to on-chain data from Glassnode, wallets holding between 100 and 10,000 BTC are currently realizing daily losses of over $200 million based on a 7-day moving average. These large investors are often referred to as “whales” and “sharks.”
Bitcoin Slump Forces Major Holders Into Deep Losses
Notably, this pain is particularly acute among “Long-Term Holders.” This represents investors who acquired their coins more than six months ago near the peak of the previous rally.
The 30-day simple moving average of Long-Term Holder Realized Losses has climbed steadily since November 2025. This upward trend confirms that veteran investors are increasingly capitulating and selling at a loss.
While this flush-out of underwater buyers is a standard feature of bear-market resolutions, Glassnode analysts note it is not yet sufficient to call a bottom.
To signal the structural exhaustion that typically precedes a new bull cycle, selling pressure will likely need to decelerate to below $25 million in daily realized losses.
However, the chances of reaching that exhaustion point quickly seem slim, as the market is currently gripped by its most bearish sentiment in months.
Blockchain analytics firm Santiment reports that fear, uncertainty, and doubt (FUD) have crept back into the community.
Citing data across social media platforms, including X, Reddit, and Telegram, Santiment noted that Bitcoin is seeing its highest bearish discussion ratio since late February.
The firm noted that BTC is showing a ratio of just 0.81 bullish comments per bearish one amid this extended period of stagnation.
With Bitcoin’s price hovering around $66,800, ongoing geopolitical tensions and domestic regulatory debates are fueling widespread pessimism.
Yet, Santiment pointed out that there is a silver lining for contrarian traders as markets typically move in the opposite direction of the crowd’s expectations.
Historically, this heightened fear has fueled price rebounds. This suggests the current market conditions could turn positive sooner than the broader community anticipates.
