Bitcoin realized losses have dropped 56.5% from their peak, while market demand remains weak.

CryptoQuant analyst Axel Adler noted that Bitcoin’s realized loss has declined by 56.5% from its peak of $13.7 billion on February 13, 2026, to $5.97 billion, while realized profit has only slowly recovered to $2.57 billion over the same period. Realized loss hit a record high on February 20, 2026, surpassing the previous peak of $11.5 billion on June 30, 2022. As of July 23, Bitcoin’s realized profit has fallen 92.7% from its peak of $35.1 billion on December 10, 2024, and 77.7% from its historical high of $124.71 million on October 6, 2025, having previously touched a low of $191 million on June 14, 2026. Axel Adler believes that although selling pressure from profits has decreased, market demand has not yet recovered; realized profit must rise above $400 million to $500 million to confirm improvement. Bitcoin’s profit-loss ratio has rebounded from 0.26 in June to 0.43; if it falls below 0.26 and the price drops below $58,535, market pressure will intensify.