Bitcoin holders have entered a period of net losses over the last 30 days, marking the first such stretch since late 2023. This shift comes after a two-year phase dominated by realized profits. The data indicates that Bitcoin transactions in the past month involved sales below the purchase price, signaling a change in market sentiment.
According to Julio Moreno, head of research at CryptoQuant, the Bitcoin 30-day realized profit and loss metric has dipped below zero. This drop signals that the coins moved on-chain during the past month were sold at a loss.
The net realized profit/loss metric tracks the total profit or loss realized by holders spending their coins. A negative reading shows that more holders are selling coins at a loss rather than at a profit. This marks a shift from the trend of profitable sales seen in the past two years.
The drop in realized profits highlights the growing pressure on Bitcoin. The cryptocurrency has faced a difficult period recently, as market conditions shift. More holders who bought Bitcoin at higher prices are now offloading their coins at a loss, signaling weaker demand.
Despite the price fluctuations, the Bitcoin market has not been isolated from broader economic factors. Geopolitical tensions and changing investor sentiment have contributed to a more cautious approach among digital asset holders. While Bitcoin’s price struggles, traditional assets like gold have surged.
Bitcoin exchange-traded funds (ETFs) also recorded significant outflows. On Monday, US-listed Bitcoin ETFs saw $394.7 million in net outflows, reversing a four-day inflow streak. According to data from SoSoValue, the outflows follow a period of strong investor interest in Bitcoin ETFs, which had received over $1.8 billion in inflows.
The recent market developments come amid heightened trade tensions, especially regarding US President Donald Trump’s comments on tariffs. These issues have prompted investors to seek safer assets, contributing to the challenges facing Bitcoin holders.
This period of increased volatility has brought a shift in investor strategies. Bitcoin holders now face the challenges of dealing with market pressure and fluctuating sentiment as geopolitical events unfold. With the market in a cautious state, it remains to be seen how the situation will evolve in the coming weeks.
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