Bitcoin Accumulation Weakens as Daily Realized Losses Surge to $600 Million

The 11 U.S.-listed spot Bitcoin ETFs have become an important gateway for institutional capital entering the crypto market, and their flows are also viewed as an indicator of price support. ETF redemptions, aggressive selling in spot and futures markets, and demand for options hedges are now rising in tandem, suggesting the correction may be more than a pullback after a rally.

Bitcoin fell about 6% from $82,000 to $76,800 and dropped below $77,000 again on May 22. SoSoValue data showed that the 11 ETFs had recorded more than $1.5 billion in outflows since May 7, including $648 million on May 18 alone. Glassnode said spot cumulative volume delta, or CVD, had fallen to negative $126.2 million, with key support at $74,000–$76,000.

Bitcoin investors incur “realized losses” when they transfer assets to exchanges and sell them below cost, a metric commonly used to gauge market panic and forced deleveraging. Recent on-chain data show that loss-driven selling pressure is gradually fading, offering an important indicator of whether Bitcoin is nearing a short-term bottom and whether spot demand can stabilize.

The latest observations compiled as of July 20, 2026, show Bitcoin’s daily realized losses have fallen 80%, from a peak of about $2 billion to roughly $400 million. The realized profit-to-loss ratio has recovered to 1.4. Although the original information does not identify the data provider or exact measurement date, the indicators suggest the market is shifting from aggressive selling to net buying, with signs of seller exhaustion emerging.

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.