Bitcoin holders' realized losses peaked 19% higher than in 2022, sell pressure eases but demand lags.

CryptoQuant analyst Axel Adler, in his weekly analysis, noted that during the current Bitcoin bear market, holders have experienced the highest-ever realized losses. The 30-day moving average (30DMA) of realized losses peaked at $1.37 billion in February 2026, a 19% increase compared to the previous cycle high of $1.15 billion in 2022. Data shows that since the February peak, Bitcoin’s realized losses have declined by 56.5%, dropping to approximately $597 million; meanwhile, realized gains have only slowly recovered to about $257 million. Axel Adler pointed out that selling pressure driven by losses has clearly weakened, but the market has not yet seen sustained demand recovery—the rate of loss reduction remains faster than the pace of gain recovery. Axel Adler believes that profit-taking pressure has significantly decreased, with the volume of coins sold at a profit still at a low level for this cycle. However, this does not mean sellers have been fully exhausted or that market demand has rebounded. A sustained rise in realized gains above $400 million to $500 million would provide stronger confirmation of lasting market improvement.