Bitcoin retreated approximately 7 percent from its recent peak of $82,800 and fell to $76,000. During this rapid depreciation, both large investors and long-term holders (LTH) suffered serious losses. The total loss on a daily basis increased to 616 million dollars.
Institutional investors and the change in whales
According to the data, while investors (whales) with a balance of one thousand BTC and above collected most of the new Bitcoins entering the market for a long time, this trend has recently reversed. On an annual basis, the whale accumulation rate dropped to minus 151 percent, a record low for Bitcoin. High outflows, especially from investment funds and Bitcoin products traded on the stock exchange, indicate a decrease in institutional investor confidence.
Mini dictionary: Whale — In the cryptocurrency market, it refers to investors who usually have more than 1,000 BTC and can create fluctuations in price with their large transactions.
In a similar situation in January, an increase in the absorption rate for exchanges was followed by a 38 percent depreciation of Bitcoin. In the last quarter of 2024, differently, mass purchases paved the way for Bitcoin to exceed the $ 100,000 threshold for the first time in history.
Losses hit long-term investors
The losses incurred during the last price drop are noteworthy. The loss experienced by long-term holders in one day was 513.6 million dollars, and that of those who bought and sold in the short term was 101.8 million dollars. This is the highest single-day loss figure since March. Moreover, at this level, which jumped from 41.5 million dollars to 616 million dollars in less than 48 hours, most of the loss occurred on long-term investors.
Analyst Woominkyu emphasized that whales sent more than 8,000 Bitcoins to exchanges during this period. In parallel, Glassnode’s savings trend score dropped to almost zero, indicating that major players were dumping their savings instead of making purchases.
Significant change in market sentiment
Glassnode data shows that almost every type of Bitcoin investor, not just whales or funds, is either distributing or not buying at all. While the amount of newly created Bitcoin has been released into the market in the last year, large segments of people are now turning to selling rather than accumulating. This caused a risk aversion trend in the overall market.
In a similar situation in January 2025, Bitcoin dropped to $ 60,000 within a month. Experts point out that current technical indicators are similar to previous sharp declines.
Selling pressure increased in the short term
Selling pressure increased significantly in the Bitcoin market in a short time due to both the losses incurred and the distribution of large volume addresses. Especially investors who have been buying at rising prices recently seem to have started to sell their holdings because they do not want to make a loss.
On the contrary, mass purchases during the election period in 2024 created an environment for the price to reach historical records. However, today’s rapid sales show that confidence in the market has decreased and a new recovery may take time.
| Period | Accumulation/Trend | BTC Price | Total Actual Loss |
|---|---|---|---|
| January 2025 | Transition from accumulation to distribution | $60,000 | High |
| Q4 2024 | collective accumulation | over $100,000 | Low |
| June 2025 | Distribution intensive | $76,000 | $616 million (in one day) |
Glassnode data shows that in almost all investor groups, the tendency to accumulate has ended and distribution has returned, and this situation is accompanied by selling pressure.
