Rich Bitcoin traders lost $337 million daily in the first quarter of 2026

Bitcoin traders holding between 100 and 10,000 BTC recorded realized losses averaging $337 million per day in Q1 2026, the worst quarter since 2022, according to Glassnode data.

Whales and sharks lock in losses

Realized Loss measures the total dollar value of losses “locked in” when BTC is sold on-chain below its purchase price. In 2026, Glassnode data points to capitulation among two major wallet cohorts.

• “Sharks”: addresses holding 100–1,000 BTC
• “Whales”: addresses holding 1,000–10,000 BTC

In Q1 2026, Bitcoin’s sharks realized losses at an average of $188.5 million per day, while whales accounted for an additional $147.5 million daily. Combined, these large entities have locked in roughly $30.91 billion in realized losses so far in 2026.

Glassnode said these Q1 2026 realized-loss figures for high-net-worth entities rank among the most severe on record, trailing only Q2 2022’s roughly $396 million daily average.

What is driving the pressure

Glassnode linked the 2026 pressure on Bitcoin to multiple factors, including inflation fears tied to the Iran war, quantum-security risk, and broader stress in the AI-led risk trade.

Whales and sharks appear to be cutting losses as they anticipate further downside as macro risks mount. Glassnode said this raises the odds of a 2022-like bear market, with a bottom potentially forming in Q4 2026.

Long-term holders’ selling remains elevated

Additional downside risk comes from Glassnode’s Long-Term Holder Realized Loss measure, which tracks losses locked in by investors who held coins for more than six months before selling.

That metric has remained elevated at around $200 million per day on a 30-day average basis since November 2025.

Glassnode analysts said a meaningful cooldown toward levels below $25 million per day would be a more compelling signal of exhaustion in selling pressure, adding that it would be “a prerequisite for the base formation that historically precedes a sustainable bull market transition.”

Market impact and outlook

With realized losses still high among both large and long-term holders, the data has contributed to calls for a deeper BTC correction. Some analysts cited the $40,000–$50,000 range as a possible bottom.