PiCK
[Analysis] "Bitcoin whales average $300 million in daily losses in Q1…similar to the run-up to past bear markets"
Summary
- On-chain data showed that whale investors holding Bitcoin—100 to 10,000 coins—realized average daily losses of $337 million in Q1.
- Their total losses in Q1 came to about $30.9 billion, the largest since the 2022 bear market, the report said.
- The market is interpreting long-term holders’ selling as a “capitulation” signal, but Glassnode said it is a prerequisite for a sustainable bull market.
Forecast Trend Report by Period
Bitcoin (BTC) weakness in the first quarter of this year suggests that investors holding large amounts of bitcoin suffered heavy losses.
On the 4th (Korea time), Cointelegraph, citing data from on-chain analytics firm Glassnode, reported that whale investors holding 100 to 10,000 bitcoins realized average daily losses of about $337 million in Q1. This is the largest since the 2022 bear market.
More specifically, investors holding 100 to 1,000 bitcoins logged daily losses of about $188.5 million, while those holding 1,000 to 10,000 bitcoins posted losses of about $147.5 million. Total Q1 losses for these large investors reached about $30.9 billion.
This pattern resembles past bear markets. In fact, after a similar level of losses occurred in Q2 2022, bitcoin plunged more than 50%.
The market is seen as showing signs of “capitulation,” with long-term holders selling even at a loss. Glassnode, however, said this is “a prerequisite for entering a sustainable bull market.”
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
