CryptoQuant says Bitcoin holders are realizing net losses for the first time since October 2023, signaling a shift in onchain profit dynamics after more than a year of sustained gains. > According to the firm, realized profit momentum has been weakening since early 2024, with successive lower profit peaks across 2024 and 2025. > Over the past 30 days, this has flipped from profit taking to loss realization, with cumulative realized losses reaching the equivalent of up to 69,000 BTC since December 23, 2025. > CryptoQuant notes that the current pattern closely resembles the 2021 to 2022 bull to bear transition. During that cycle, declining realized profits preceded a broader market downturn. > Annual net realized profits have now fallen to levels similar to early 2022, while realized losses are tracking comparable patterns. > CryptoQuant concludes that declining net realized profits point to weakening price strength and frames the recent price rebound as a bear market rally rather than a durable recovery.