#Gate广场四月发帖挑战

Glassnode's latest on-chain data shows that in the first quarter (Q1) of 2026, large Bitcoin holders (whales and sharks) experienced the most intense "surrender sell-off" since the 2022 bear market, with daily losses far exceeding $300 million.

📉 Breakdown of loss data

Average daily loss: $337 million. Specifically:

Sharks (100–1,000 BTC): approximately $188.5 million in daily losses

Whales (1,000–10,000 BTC): approximately $147.5 million in daily losses

Total quarterly loss: Cumulative realized losses in Q1 reached as high as $30.9 billion, approaching the extreme levels seen during the Terra/Luna collapse in 2022.

⚠️ Key signal: Active "cutting losses" rather than passive trapping

Characteristics of surrender: These are realized losses, meaning large holders are actively selling at prices below their cost basis, locking in substantial losses on-chain, rather than merely enduring paper unrealized losses.

Market condition: Combined with the fact that long-term holders (LTH) are still experiencing an average daily loss of $200 million, indicating that selling pressure has not yet abated and the market is still in the "bottom-finding" stage.

📊 Insights for the future

Bottom signal: Historical data shows that large-scale surrender by whales is often a feature of the end of a bear market, but the condition for a bottom is that "sell-offs are fully absorbed." Currently, spot demand remains weak, and analysts believe the potential bottom range could be between $40k and $50k.

Operational logic: Continuous selling by whales indicates that short-term downside risks have not been eliminated. For retail investors, it is more appropriate to adopt a phased dollar-cost averaging strategy rather than blindly "catching falling knives."

Note: The data reflects the overall situation in Q1 (January-March) and does not represent real-time daily losses, but the trend shows that large funds are still de-leveraging.