Bitcoin’s Latest Selloff Mirrors June 2022 As New Buyers Realize $1.5 Billion In Daily Losses

bitcoinistPublished on 2026-02-10Last updated on 2026-02-10

Abstract

Bitcoin's recent selloff has triggered significant loss realization among recent investors, mirroring patterns seen during the June 2022 market bottom. According to on-chain data, buyers from 2025 and 2026 realized approximately $1.5 billion in daily losses during the downturn. The Net Realised Profit/Loss metric, which tracks net profit or loss from transactions, plunged into negative territory for these cohorts. While newer investors were selling at a loss, older investors largely took profits. Additionally, the Relative Unrealized Loss—unrealized loss as a percentage of market cap—rose to 16%, a level comparable to the May 2022 bear market. Bitcoin is currently trading around $69,300, down over 11% in the past week.

On-chain data shows Bitcoin buyers from 2025 and 2026 realized $1.5 billion in losses per day on the recent move down in the cryptocurrency.

Bitcoin Net Realised Profit/Loss Has Plunged Recently

In a new post on X, on-chain analyst Checkmate has talked about how loss-taking has looked during the latest Bitcoin price crash. The indicator cited by Checkmate is the “Net Realised Profit/Loss,” which measures the net amount of profit or loss that investors are realizing through their transactions.

The metric works by going through the transaction history of each coin being sold to see what price it was moved at prior to this. If the last selling price was greater than the latest spot price for any token, then that particular coin is now being moved at a net loss. On the other hand, the previous selling price being less suggests the sale is leading to profit realization.

In each case, the degree of profit/loss involved is equal to the difference between the two prices. The Net Realised Profit/Loss sums up this value for both types of sales and then finds their net value.

When the value of the indicator is greater than zero, it means the investors are selling their coins at a net profit. Similarly, it being negative implies loss-taking is the dominant mode of selling.

Now, here is the chart for the Ethereum Net Realised Profit/Loss shared by Checkmate that shows the trend in its 7-day exponential moving average (EMA) value separately for buyers from different years:

Looks like the value of the metric has plummeted into the loss zone for two cohorts | Source: @_Checkmatey_ on X

As displayed in the above graph, the Ethereum Net Realised Profit/Loss fell into the negative zone for the 2025 and 2026 buyers as the market crash took place. This suggests that buyers from the past year participated in loss realization.

“Class of 2025 and 2026 collectively puked out $1.5B/day in losses on the move lower, equivalent to the June 2022 low at $17.6k,” noted the analyst. Buyers from other years also participated in selling during the drawdown, but their distribution mostly involved profit-taking.

In related news, the unrealized loss in the market has also hit a value similar to that witnessed during the 2022 bear market, as on-chain analytics firm Glassnode has pointed out in an X post.

The trend in the BTC Relative Unrealized Loss over the last few years | Source: Glassnode on X

From the chart, it’s visible that the Relative Unrealized Loss, an indicator representing the unrealized Bitcoin loss as a percentage of the market cap, has risen to 16% recently. “Current market pain echoes a similar structure seen in early May 2022,” explained Glassnode.

BTC Price

At the time of writing, Bitcoin is trading around $69,300, down more than 11% over the past week.

The price of the coin appears to have gone down recently | Source: BTCUSDT on TradingView

Related Questions

QWhat does the 'Net Realised Profit/Loss' indicator measure in the context of Bitcoin transactions?

AThe 'Net Realised Profit/Loss' indicator measures the net amount of profit or loss that investors are realizing through their transactions by comparing the previous selling price of each coin to its latest spot price.

QWhich specific groups of Bitcoin buyers realized $1.5 billion in daily losses during the recent market crash?

ABuyers from the class of 2025 and 2026 collectively realized $1.5 billion in daily losses during the recent market crash.

QHow does the current market pain, as indicated by the Relative Unrealized Loss, compare to a previous period mentioned in the article?

AThe current market pain, with the Relative Unrealized Loss rising to 16% of market cap, echoes a similar structure seen in early May 2022.

QWhat was the significance of the June 2022 low at $17.6k mentioned by the analyst?

AThe June 2022 low at $17.6k is used as a benchmark, as the $1.5 billion/day in losses realized during this recent event was equivalent to the loss-taking seen at that previous market bottom.

QWhat was Bitcoin's price and weekly performance at the time the article was written?

AAt the time of writing, Bitcoin was trading around $69,300, down more than 11% over the past week.

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