[CryptoQuant: Bitcoin Holders Realize Net Losses for the First Time Since October 2023] Odaily Planet Daily News – On-chain data analytics firm CryptoQuant reports that Bitcoin holders have recently started realizing net losses, marking the first occurrence since October 2023 and signaling a significant shift in the on-chain profit structure. In its latest report, CryptoQuant noted that over the past 30 days, the market has transitioned from a 'profit-taking' phase to a 'loss realization' phase. Data shows that since the beginning of 2024, Bitcoin's realized profit momentum has been weakening, with profit peaks gradually declining. These peaks were observed in January 2024, December 2024, July 2025, and October 2025, reflecting a gradual loss of upward price momentum. The report states that as of December 23, 2025, Bitcoin holders have cumulatively realized losses equivalent to a maximum of 69,000 BTC. CryptoQuant believes this trend closely resembles the on-chain patterns observed during the bull-to-bear transition phase of 2021–2022, potentially indicating that the current bull market is nearing its end. CryptoQuant's Head of Research, Julio Moreno, explained that the calculation of realized profits and losses is based on on-chain transfer data and market prices. By comparing the price of Bitcoin at the time of each transfer with the price during the previous transfer, the corresponding profit or loss is determined.