For the first time since October 2023,
$BTC Bitcoin holders are feeling real pain.
After more than a year of steady gains and confident profit-taking, the onchain tide has finally turned. According to CryptoQuant, investors have begun realizing net losses, marking a decisive shift in
$BTC Bitcoin’s profit dynamics—and possibly the closing chapter of the current bull run.
“This is a regime change,” CryptoQuant said in a Thursday report. “Over the past 30 days, the market has moved from profit-taking to loss realization.”
The warning signs had been quietly building for months. Realized profit momentum—once the heartbeat of the rally—has been fading since early 2024. Each rebound came weaker than the last, forming a staircase of lower peaks in January 2024, December 2024, July 2025, and most recently October 2025. Even as spot prices stayed elevated, the underlying strength was eroding.
Now, the damage is visible.
Since December 23, 2025,
$BTC Bitcoin holders have locked in cumulative losses equivalent to as much as 69,000 BTC, CryptoQuant estimates. That shift alone represents a psychological break from the relentless optimism that defined the market for over a year.
More telling still: realized profit peaks have been declining consistently since March 2024. To CryptoQuant, that pattern sends a clear message—price momentum is weakening, and the bull market may be running out of fuel.
In other words, the crowd that once rushed to take profits is now being forced to accept losses. And in crypto, that transition often marks the moment when euphoria gives way to reality.
The market hasn’t collapsed—but the music may be slowing.
#StrategyBTCPurchase #BTCVSGOLD #MarketSentimentToday