Bitcoin selling pressure is easing? Achieving a 56% drop in losses from peak, but demand recovery is still insufficient Odaily Planet Daily News: CryptoQuant analyst Axel Adler stated that during the current bear market phase of Bitcoin, the largest holder in history has achieved losses, with a peak of $1.37 billion in 30 day moving average (30DMA) losses in February 2026, which is 19% higher than the 2022 cycle high of $1.15 billion. Data shows that since its peak in February, Bitcoin's losses have decreased by 56.5% and are currently at around $597 million; At the same time, the profit scale only slowly recovered to $257 million. Axel Adler pointed out that the selling pressure driven by losses has significantly weakened, but the market has not yet shown sustained demand recovery, and the rate of loss decline is still faster than the rate of profit recovery. From a historical cycle comparison perspective, on February 20, 2026, a loss of 1.37 billion US dollars was achieved, setting a new historical high for this indicator; The highest realized loss for the 2022 cycle was $1.15 billion, which occurred on June 30, 2022. In terms of profitability, as of July 23, Bitcoin achieved a profit of $257 million for 30DMA, a decrease of 92.7% from the peak of $3.51 billion set on December 10, 2024; Compared to the historical high of $12471 reached by Bitcoin on October 6, 2025, it has decreased by 77.7%. This indicator hit a low of $191 million on June 14, 2026, and has since rebounded by 34.7%. Axel Adler stated that profit selling pressure has significantly decreased, and the amount of coins sold for profit is still at a lower level in this cycle. However, this does not mean that the sellers have been completely exhausted, nor does it mean that market demand has recovered. If the profit continues to rise above $400 million to $500 million, it will further confirm the continuous improvement of the market. In addition, the realized profit/loss ratio of Bitcoin has rebounded from the June low of 0.26 to 0.43, but it is still below the 1.0 level. Analysts point out that although the absolute scale of losses in the current cycle exceeds that of 2022, the relative market pressure is still lower than that of 2022. Since the historical high of Bitcoin, there have been 190 days in the past 291 days where losses have exceeded profits. Axel Adler reminds that if the profit to loss ratio falls below 0.26 again, accompanied by a price drop below the cycle low of $58535 set on June 30th, it may indicate further market pressure.