On-chain analytics firm CryptoQuant says bitcoin investors' realised profit and loss has turned negative for the first time since October 2023, The Block reported on Jan. 23.
Over the past 30 days, bitcoin holders realised cumulative losses of about 69,000 BTC, the report said. That means the market mood has shifted from profit-taking to a phase of accepting losses, it said, describing it as a structural change in investor sentiment.
CryptoQuant analysed this as a signal that the bull market is ending. It added that successive bottom formations in January 2024, December 2024, July 2025 and October 2025 show price momentum is gradually weakening.
On an annual basis, realised profits have fallen to about 2.5 million BTC, the lowest level since March 2024. Realised losses, by contrast, are rising in a pattern similar to the early stage of the 2022 bear market. CryptoQuant said this is very similar to the transition from a bull market to a bear market in 2021 to 2022.
CryptoQuant said it calculates profit or loss by comparing the previous transfer price with the current price when bitcoin is transferred, adding that all transfers can be verified on-chain.
Chi-gyu Hwang
delight@d-today.co.kr