The price of Bitcoin is under extreme pressure so far in 2026, with a bear market wiping out the profits of several classes of investors. According to the latest on-chain data, this trend could have broader ramifications for the top cryptocurrency in this bear market, as it particularly affects a significant segment of large BTC investors.
Realized losses from whales could put additional pressure on prices
In a February 13 post on social media platform According to market experts, the unrealized profits of this group of investors are being wiped out by the current market correction.
Specifically, this on-chain is based on the “Big Wales” Net Unrealized Profit/Loss (NUPL) indicator, which represents addresses holding more than 1,000 BTC. For context, NUPL is the ratio of an investor’s unrealized profits and losses. A high (often positive) ratio indicates dominance of unrealized profits, while a negative value indicates otherwise.
According to highlighted CryptoQuant data, the NUPL value of the largest Bitcoin whale is currently around 0.2. As you can see in the chart below, this NUPL level (around the yellow area) has historically coincided with a well-worn phase of a bear market. This means that this group of whales has close to zero unrealized profits.
Source: @Darkfost_Coc on X
Although this is not yet true, it is worth mentioning that these BTC whales have historically always taken mostly unrealized losses at the bottom of bear markets. So what matters is what happens to your holdings between now and the end of the current adjustment phase.
According to Darkfost, seeing whale holdings under this much pressure could mean a market capitulation and push Bitcoin prices further down. Hints of this trend can already be seen recently, especially among new whales.
These short-term Bitcoin whales are currently experiencing significant losses at a rapid rate. Between February 3 and 7, this new group of whales caused more than $3 billion in losses. In essence, the continued capitulation of this group of investors could become a new source of selling pressure on the BTC price.
Bitcoin price at a glance
As of this writing, the BTC price is around $68,710, up more than 5% in the last 24 hours. The top cryptocurrency fell nearly 3% in the past week, according to data from CoinGecko.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
