BlockBeats news, on April 4, according to Glassnode data, during the first quarter of 2026, "sharks" holding 100–1,000 BTC and "whales" holding 1,000–10,000 BTC incurred daily average losses of approximately $188.5 million and $147.5 million, respectively, totaling around $337 million. The cumulative locked-in losses for the year have reached $30.9 billion, nearing the levels seen during the 2022 bear market.
Analysis indicates that current selling pressure stems from rising macro risks (such as inflation expectations and AI trading overcrowding) and weakening market sentiment, with large holders accelerating stop-loss exits. Meanwhile, the daily realized loss for long-term holders (LTH) remains elevated at approximately $200 million, suggesting the market has not yet shown clear signs of "selling exhaustion." Institutions believe that, amid multiple pressures, Bitcoin still faces further downside risk, with some expecting a potential bottom range between $40,000 and $50,000.