During the sharp selling wave in which the Bitcoin price fell to $63,600, on-chain data showed that investors accelerated their sales at a loss. According to CryptoQuant data, the Bitcoin Net Realized Profit and Loss indicator fell to minus 1.9 billion dollars. This level was recorded as one of the deepest write-offs seen in recent times.
Remarkable signal in on-chain data
CryptoQuant described this move as a signal of widespread surrender. The indicator in question measures transactions that investors actually sold at a loss, not just the loss of value on paper. According to the company’s evaluation, this chart indicated that many market participants closed positions in response to the decline.
Mini dictionary: Net Realized Profit and Loss is an indicator that measures the difference between the last movement price and the selling price of the coins carried on-chain. Negative values indicate that sales at a loss rather than a profit stand out in the market.
According to CryptoQuant, the NRPL value of minus $1.9 billion revealed that many investors were selling at a loss.
The data set’s view since late 2024 revealed that similar sharp downward jumps have been seen in the past before periods of short-term stabilization or recovery. However, it was reported that in such examples, the return did not start immediately and volatility continued at first.
Short-term investors sent 53,800 BTC to exchanges
Tuesday’s stock market entry data also offered a second sign supporting the selling pressure. According to CryptoQuant data, short-term investors transferred a total of 53,800 BTC to the exchanges within 24 hours. The company stated that all of these transfers were carried at a loss, and no profit-oriented movement was observed in the same period.
| Indicator | Data |
|---|---|
| Bitcoin price | $63,600 |
| NRPL level | Minus $1.9 billion |
| 24-hour total crypto market cap change | 5.4 percent decrease |
| Short-term investor stock market entry | 53,800 BTC |
CryptoQuant emphasized that single-day extreme data should not be considered a return signal on its own, but rather a sign indicating market stress.
According to the analysis, the main topic to watch in the market will be whether loss-related BTC inflows will decrease in the next 48 to 72 hours. If the price remains horizontal or stabilizes while the selling pressure weakens, expectations for a local bottom formation may gain strength.
Past examples leave traces, but offer no certainty
CryptoQuant considered large-scale breakout waves as one of the prerequisites for local bottom formation. However, the company also stated that this data alone does not provide timing and that sharp price movements may continue in the short term.
In the analysis, it was stated that the market structure may be suitable for bottom preparation, but taking early positions before confirmation carries risks. For this reason, the view that existing on-chain signals provide a road map but do not provide a definitive return date has come to the fore.
