CryptoQuant сигнализирует о начале медвежьего рынка в биткоине: инвесторы фиксируют убытки Translation: CryptoQuant Signals Start of Bear Market in Bitcoin: Investors Lock in Losses

Investors have begun to significantly realize losses on the leading cryptocurrency.

With the price of the first cryptocurrency dropping below $90,000, profitability metrics have entered the negative territory, indicating that the asset has entered an «early bear market,» as noted by analysts from CryptoQuant.

In the past month, the Net Realized Profit/Loss ratio has decreased to 69,000 BTC.

«Bitcoin holders are starting to record net losses for the first time since October 2023. Peaks in realized profits have been declining since March 2024, suggesting a loss of price momentum as the bull market comes to an end,» the experts remarked.

Annual net realized profits have sharply decreased from 4.4 million BTC to the current 2.5 million BTC, with such levels last seen in March 2022.

According to analysts, the current market conditions mirror the transition from the previous bull to bear market.

The metric reached its peak in January 2021 and formed lower highs over the following 12 months. Before the onset of the downward trend, investors similarly began to massively realize losses, as illustrated in the graph below.

Some market participants anticipate that 2026 will be a year of a bear market. Earlier, co-founder of Material Indicators, Kit Alan, pointed out the «death cross» on Bitcoin’s chart, while trading veteran Peter Brandt forecasted the asset’s decline to $58,000.

Analyst Titan of Crypto highlighted yet another negative signal for digital gold — the crossing of the MACD on the two-month timeframe.

«Historically, such configurations have been accompanied by declines of 50-64%,» the expert stated.

At the time of writing, Bitcoin is trading around $89,200, having dropped 1% in the last 24 hours.

As a result of the latest decline, the asset has lost key support levels, including the 75th percentile of the cost basis, which is currently at $92,940.

«[Bitcoin] is now trading below the acquisition price of 75% of the total supply, signaling increasing selling pressure,» emphasized Glassnode.

Experts believe that the cryptocurrency will continue to trend downward unless it recovers to the level of cost basis.

A trader known as Merlijn The Trader pointed out support between $89,000 and $90,000. If this level is lost, Bitcoin risks falling to $84,000.

According to Glassnode, investors purchased about 941,651 BTC at this level over the last six months.

The next important support level is at $80,000, where more than 127,000 BTC have been acquired.

To remind, analysts at Bitwise consider the fourth quarter of 2025 to be the endpoint of the bear cycle.