Reports note that Bitcoin holders realized large losses as prices slid, and the headline number is hard to ignore. According to on-chain tracker CryptoQuant, about $4.5 billion in net losses was recorded on January 23.

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That number reflects moved coins sold at prices lower than when they were bought. It is a big transfer of paper pain into real losses.

Realized Losses Spike

While the dollar figure grabs attention, the meaning is what matters. Many who bought late in the run higher are choosing to sell rather than hold through more decline. That behavior shows frustration.

Reports say the Net Realized Profit and Loss metric tallies this by comparing sell prices to purchase prices, and a negative reading this large signals a wave of capitulation.

Some larger, long-term holders have been quieter. Their activity appears muted while smaller and mid-term participants make the day-to-day moves.

According to analyst posts on CryptoQuant, this mix — quiet big holders and active smaller sellers — is common during corrective stretches. It does not automatically mean the market is broken; it means sentiment has shifted toward caution.

$4.5 Billion in Realized Loss on Bitcoin

“Highest amount of realized losses in three years. The last time this occurred in Bitcoin, the price was trading at $28,000 after a brief correction period that lasted about a year.” – By @gaah_im pic.twitter.com/OJ7bbL3RSC

— CryptoQuant.com (@cryptoquant_com) January 26, 2026

Bitcoin Price Action

Midway through the week, Bitcoin traded around the mid-$80,000s, well below the $90,000 mark that some investors had eyed as a key level.

Market chatter shows traders watching macro cues like the US Federal Reserve and inflation data for guidance.

Volatility has not disappeared; it has simply become more tied to broader economic signals than to isolated crypto headlines.

Whale addresses appeared to step in at times, helping to hold local price floors. But many traders remain cautious.

Reports note that geopolitical headlines can cause quick swings, yet the current movement looks more like slow digestion of profit and repositioning than explosive panic selling.

Activity on spot exchanges and ETF flows has been variable, reflecting the mixed mood across the market.

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Capitulation Has Come Before

Similar loss spikes were seen in March 2023, when realized losses reached close to $6 billion, and in November 2022, when losses hit roughly $4.3 billion.

These events were followed by consolidation and then eventual recovery. Based on reports from analytics firms and market observers, spikes in realized losses can mark the late stages of selling pressure, after which the market sometimes finds a base.

Featured image from Pexel, chart from TradingView

• MicroStrategy bought its latest Bitcoin between December 9, 2024, and December 15, 2024
• Last week, the company purchased 21,550 Bitcoin for $2.1 billion and the week before it bought 15,400 Bitcoin for $1.4 billion
• The Bitcoin buying spree comes as MicroStrategy will be added to the Nasdaq-100 Index on December 23

MicroStrategy has acquired an extra 15,350 Bitcoin worth around $1.5 billion in cash, pushing its total holdings to 439,000.

In an 8-K filing to the US Securities and Exchange Commission (SEC), MicroStrategy, a major Bitcoin holder, bought the crypto asset between December 9, 2024, and December 15, 2024, at an average price of $100,386 per Bitcoin.

With the latest Bitcoin addition, MicroStrategy and its subsidiaries now hold 439,000 Bitcoin, valued at $45 billion. In a post on X, Michael Saylor, MicroStrategy’s CEO, said the Bitcoin was bought for $27.1 billion or an average price of $61,725 per Bitcoin.

Saylor also noted that MicroStrategy’s year-to-date Bitcoin Yield is 72.4% while its quarter-to-date Bitcoin Yield is 46.4%.

MicroStrategy has acquired 15,350 BTC for ~$1.5 billion at ~$100,386 per #bitcoin and has achieved BTC Yield of 46.4% QTD and 72.4% YTD. As of 12/15/2024, we hodl 439,000 $BTC acquired for ~$27.1 billion at ~$61,725 per bitcoin. $MSTR https://t.co/SaWLNBVkrl

— Michael Saylor (@saylor) December 16, 2024

This is the latest purchase from MicroStrategy. Last week, the company purchased a further 21,550 Bitcoin between December 2, 2024, and December 8, 2024, for around $2.1 billion at an average price of $98,783 per Bitcoin. This followed a purchase of 15,400 Bitcoin for $1.4 billion the week before.

Joining the Nasdaq-100 Index

The continued push to buy more Bitcoin comes as MicroStrategy will be added to the Nasdaq-100 Index on December 23.

In an announcement on December 13 from Nasdaq, it said three companies will be added to its Index: Palantir Technologies Inc., MicroStrategy Incorporated, and Axon Enterprise, Inc.

Following the news, crypto analyst Will Clemente wrote on X: “Now that MSTR is getting added to the Nasdaq, every large pension fund, sovereign wealth fund, and individual retirement account in the world is going to have Bitcoin exposure.”

The news has also rallied MicroStrategy’s stock price, pushing it up 3%, according to CNBC.