Core Insights - A new report from CryptoQuant indicates that Bitcoin holders are experiencing losses for the first time since October 2023, with a total of 69,000 Bitcoins, valued at $6.1 billion, lost since December [1][4]. Market Trends - Bitcoin's price has recently dropped to $89,195, which is nearly 30% lower than its October peak of $126,080, and represents a 16% decline over the past year [2]. - The current market pattern resembles the transition from bull to bear observed in 2021-2022, where realized profits peaked in January 2021 before entering a bear market [2]. Profit Realization - CryptoQuant reports a significant shift in investor behavior, with annual net realized profits decreasing from 4.4 million Bitcoins in October to 2.5 million Bitcoins currently, indicating a trend towards loss realization [4]. - This decline in realized profits is comparable to the situation in March 2022, which preceded a severe bear market [4]. Market Sentiment - Experts are divided on Bitcoin's future, with some suggesting that the traditional four-year cycle may be broken, while others see potential for a rally due to factors like lower interest rates and increased institutional involvement [3][6]. - Heavy selling by large holders, or "whales," has previously exerted downward pressure on Bitcoin's price, but recent reports indicate that these large holders have slowed their selling activity [6][7].