Bitcoin Profit Cycle Turns Negative for First Time Since 2023: CryptoQuant
Bitcoin holders are realizing aggregate net losses for the first time in a 30-day span since October 2023, signaling a significant psychological shift. Around 69,000 BTC in net losses have been booked, equating to $6.18 billion, as Bitcoin’s price hovers just below $90,000. This marks a sharp change from earlier periods: while the March 2024 price peak saw 1.2 million BTC in realized profit, only 331,000 BTC was recorded as such by October 2025, despite new all-time price highs. Current net realized losses mirror trends from March 2022, typically associated with bear markets, suggesting diminished strength in Bitcoin’s price. However, analysts note that this downturn isn’t necessarily signaling a larger market decline. Instead, they attribute the shift mainly to increased participation by sophisticated investors, resulting in lower volatility, and to macroeconomic pressures—particularly developments in the U.S. Federal Reserve, monetary policy, and geopolitical events. Short-term holders appear to be selling at losses, while the market’s future direction hinges more on external economic forces than on realized profits and losses alone.
