Bitcoin’s (BTC) bearish market indicators came to the fore again as the amount of coins held at a loss reached 7.75 million as of May 2025. While the market price remains just above the $77,000 level, this value means holding their coins at a loss for many investors.
Loss grows in spot BTC
The stagnant course observed in the BTC price in recent months has led to a significant portion of the total supply in the market being kept unsold below the purchase prices. According to on-chain data, the number of coins in loss has ranged from 7.64 to 7.75 million in recent weeks, revealing a picture typical of a bear market.
This creates a large stock of coins with unrealized losses that are ready to be sold on the market. If the BTC price does not experience a new factor or positive development that supports it, this accumulated loss may ignite possible capitulation.
While the amount of coins in the Bitcoin supply has returned to the levels usual to be seen in bear markets, it is seen that 7.75 million coins are held below the purchase price.
Mini dictionary: Capitulation is seen in the market when investors close positions in intense panic until they sell at a loss, mostly after large price drops. This process is usually completed in a short time and then strong reaction movements may occur in prices.
According to BGeometrics data, approximately 53% of the BTC supply is still held above the purchase price, that is, in unrealized profit.
New strategies in whales
As of 2026, changes in the profile of investors holding BTC are noticeable. While especially large investors (whales) were buying at new price ranges, old whales with low purchase prices realized their profits and exited the market. Selling and reaccumulation movements stand out among different investor groups, from individual investors to corporate ETFs.
In February, the number of coins held at loss reached 9.7 million; Therefore, current levels are below this peak. In contrast, it was observed that whales took new positions in 2026 and old whale owners reduced positions.
While the Bitcoins in the ETF portfolios were initially disposed of, the mobility in the BTCs in the company treasuries decreased considerably.
Bitcoin is currently trading within a narrow band; whales accumulate again at low prices, and when the price rises above $ 78,000, sales accelerate. This strategy is to the advantage of large investors who profit from horizontal movements and fluctuations in the market.
Investor behavior and selling pressure
Among various wallet groups, the biggest movement in the last 12 months was experienced in wallets with huge balances, called “humpback whales”. Wallets in this group drained 8.5% of their assets, while smaller whale wallets had a 3.72% rate. While there was a 41 decrease in the number of wallets holding 10-100 BTC in the last 30 days, the “shark” group wallets mainly maintained their position.
Mini dictionary: Whale and shark are used to describe investors who hold very high amounts of Bitcoin in the crypto market (whale), or have medium-high assets (shark). Shrimp refers to small investors with less than 1 BTC coin.
Another notable development is the panic sales of “shrimp” wallets with a balance of less than 1 BTC. Over 42,000 small wallets have been completely emptied and left the market in the last month. Despite this, a mass panic selling has not yet occurred in the market as a whole, as the majority of whales have maintained their positions.
With increasing costs starting from February, whales continued to accumulate BTC. While the average cost increased to $77,253 as of May 25, recent savings were mostly $72,000 and above.
| Wallet Group | Sales Rate in the Last 12 Months | Change in the Last 30 Days |
|---|---|---|
| humpback whale | 8.5% decrease | – |
| Little Whale | 3.72% decrease | 41 wallet losses (10-100 BTC) |
| shark | minimal decrease | The majority maintained its position |
| Shrimp (under 1 BTC) | Mass panic selling | 42,000 wallets emptied |
CryptoAppsy According to the current data reflected on the screens, BTC is trading just above $ 77,000 and is more or less above the average cost. Therefore, the majority of them are not in very intense damage; However, if the supports are broken, the risk of mass sales remains.
Risks and prominent dynamics in the market
Although the narrow band movement and volatility in the BTC price has decreased to around 1% in the last month, the risk of leveraged transactions and instant liquidation in the spot market continues in this period. Wallet activity also shows that the risk of mass selling is still low but prone to triggering.
While retail investors (shrimp wallets) have been closing positions faster recently, whale class investors generally remained calm. If there is an excess supply of spot BTC, an instant sales wave is not expected; However, it shows that possible strategic deployments may limit the rise in the short term.
