Bitcoin (BTC) whales and sharks recorded cumulative losses of $30.9 billion in the first quarter of 2026.
This is the worst quarterly performance for these large holders since 2022. Today, April 4th, Bitcoin is trading at $67,000.This is 46% below the all-time high (ATH) of $126,000 reached in October 2025.
This data comes from metrics provided by Glassnode, an on-chain analytics company, which analyzes realized losses by investors and effective sales at a loss. That is, when. A market participant decides to close a position below the purchase price.
The graph shows the evolution of these losses segmented by wallet size. In the visualization, yellow-toned areas represent sharks (100-1,000 BTC), and darker tones correspond to whales (1,000-10,000 BTC).
The black line shows the total realized loss, and the gray line reflects the price of Bitcoin.
In this case, sharks recorded an average loss of $188.5 million per day during the quarter, and whales recorded losses of $147.5 million per day. Average total losses for large holders reached $337 million per day.
From these data, we observe that both whales and sharks were concentrated at the highest levels of realized losses, with a notable peak in early February and remaining high throughout the quarter. This shows that it was not a one-time event. In fact, sales at a loss will continue for a long time.
As explained in CriptoNoticias’ educational section, Criptopedia, while whales are major players in the market and can influence prices through their fishing volume, sharks play an equally important, albeit subordinated, role in the ecosystem’s powerful capital. generally, Both groups are considered the “smart money” of the market.
Such behavior is not unheard of. The 2022 chart below shows a similar pattern during one of BTC’s toughest bear markets.
Also, the yellow and orange areas (i.e. large losses due to sharks and whales) are rising, and the gray descending line reflects the decline in BTC price over the year.
In particular, the 2022 chart shows several capitulation peaks from May to July, when the market suffered a series of significant events that led major players to liquidate losing positions. Then, towards November, We are once again seeing another spike in realized losses, coinciding with a new phase of stress within the ecosystem.
At that time, the collapse of funds and platforms in the sector increased selling pressure, forcing many large investors to exit BTC under unfavorable conditions.
Comparing both graphs, the relevant signals remain. Although the situation in 2026 will be different from that in 2022, the fact that losses are once again concentrated among large holders suggests a moment of structural weakness. It’s not just small investors who are under selling pressure.
This move coincides with the decline in BTC prices in the first quarter amid an unfavorable macroeconomic environment, including high interest rates, reduced global liquidity, and geopolitical tensions due to wars in the Middle East.
This data prompts a debate about whether the market is entering a phase of partial capitulation or a correction within a broader cycle.
