Bitcoin (BTC) traders who own between 100 and 10,000 BTC generated losses averaging $337 million per day in the first quarter of 2026, the worst quarter since 2022, according to data from Glassnode.
Main takeaways:
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Bitcoin fell more than 20% after whales posted further losses at a similar pace in 2022.
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Long-term holders are also selling at a loss, signaling capitulation and possibly a further decline in price.
Whales and sharks have a loss of $30.91 billion in 2026
Realized Loss tracks the total dollar value of losses when BTC is sold on-chain at a lower price than the purchase price. In 2026, two major portfolio groups are showing signs of giving up.
These are addresses holding between 100 and 1,000 BTC, or “sharks,” which often represent medium-sized funds or wealthy investors, and those holding between 1,000 and 10,000 BTC, which are whale-sized entities.
In the first quarter, Bitcoin sharks (yellow) generated losses averaging $188.5 million per day, while whales (orange) accounted for another $147.5 million per day.
Together, these large entities have recorded approximately $30.91 billion in realized losses so far in 2026.
The Q1 2026 realized Bitcoin losses for these high-net-worth entities rank among the steepest on record, trailing only the Q2 2022 daily average of about $396 million.
In the second quarter of 2022, the price of Bitcoin fell by more than 50% and another 20% by the end of the year. It continued to fall as the Terra collapse, Celsius freeze, and Three Arrows failure sparked panic across cryptocurrencies, sapping liquidity and confidence.
In 2026, pressure on Bitcoin has come from various sources, including inflation fears stemming from the Iran war, quantum security risks, and broader pressures in AI-led risk trading.
Related to: Bitcoin Dividend Supply Heads to ‘True Bear Market’ Levels
Therefore, whales and sharks are cutting their losses now because they expect the price of Bitcoin to fall further as the overall risks increase. These sentiments increase the odds of a 2022-style bear market, with it bottoming out in the last quarter of 2026.
Long-term holders of Bitcoin add to the downside risk
Another sign that the Bitcoin sell-off may not be over comes from Glassnode’s Long-Term Holder Realized Loss chart, which tracks losses incurred by investors who held the coins for more than six months before selling.
This number remains high at around $200 million per day based on a 30-day average since November 2025.
“A significant slowdown towards levels below $25 million per day would represent a more immediate signal of exhaustion in the selling pressure,” Glassnode analysts said in their weekly report published on Wednesday, adding:
“A prerequisite for forming the base that historically precedes a sustainable bull market transition.”
Together, these headwinds have already fueled calls for a deeper Bitcoin correction, with some analysts pointing to the $40,000-$50,000 range as a potential bottom.
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