Bitcoin Whales Realized $337 Million in Daily Losses in First Quarter of 2026
Glassnode classifies investors with large Bitcoin holdings as “whales” and “sharks,” whose capital flows are often viewed as a key gauge of market risk appetite. The scale of realized losses approached levels seen during the 2022 bear market, suggesting large holders may be capitulating and that downward pressure has yet to subside.
Glassnode data showed that Bitcoin whales and sharks realized combined losses of $30.91 billion in the first quarter of 2026, from Jan. 1 through March 31, averaging $337 million a day. The concentrated loss-taking by large holders indicates that selling pressure could continue to weigh on prices.
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The history behind this eventBitcoin Accumulation Weakens as Daily Realized Losses Surge to $600 Million
Onchain analytics firm Glassnode's Accumulation Trend Score measures whether different wallet cohorts are adding to their Bitcoin holdings. A score near zero indicates that large holders have shifted to selling or remaining on the sidelines. Broad accumulation in the fourth quarter of 2024 helped propel Bitcoin above $100,000 for the first time, making a shift by whales toward distribution an important indicator of market momentum and potential selling pressure.
A May 21, 2026, report said Bitcoin fell nearly 7% from $82,800 and touched $76,000 on May 18. Glassnode said realized losses reached $616 million on May 19, with long-term holders accounting for $513.6 million. Whales' annual absorption rate hit a record low of -151%. CryptoQuant said more than 8,000 BTC flowed onto exchanges on May 18.
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