TL;DR
- Bitcoin records nearly $5.8B in realized losses, the largest since the FTX collapse, while the current price sits at $88,783 with a 4.47% decline in the past twenty-four hours.
- Short-term holders account for most of the losses as recent buyers exit at lower levels.
- Meanwhile, whales accelerate accumulation and absorb a large share of new supply, creating conditions that historically align with medium-term market recoveries.
Bitcoin’s $5.8B Realized Loss Wave has renewed market attention after a slide toward $80,000 triggered widespread capitulation among recent entrants. Despite heavy selling, on-chain data shows that large investors continue to accumulate.
$BTC's drawdown has triggered the largest spike in realized losses since the FTX collapse in late 2022.
STHs account for the bulk of the losses, while LTH losses stay comparatively contained, indicating that the stress is largely on recent buyers.
📉https://t.co/sRmBW8Xtd0 pic.twitter.com/FGNaW8ihL2— glassnode (@glassnode) December 5, 2025
Bitcoin’s $5.8B Realized Loss Wave And Market Pressure
Glassnode data shows that realized losses reached $5.78B after the price dropped on November twenty-one. Short-term holders posted close to $3B in losses, while long-term holders saw around $1.78B, marking the largest combined figure since late 2022. The pattern resembles the FTX drawdown, although without liquidity shocks or major institutional failures or any notable breakdown in broader market functioning.
The current price stands at $88,783, reflecting a 4.47% daily decline. This has placed stress on recent buyers but remains in line with previous corrective phases following strong rallies. Historical data shows that large realized loss events have often aligned with market stabilization rather than prolonged downturns, especially when broader investor cohorts maintain accumulation behavior.
Accumulation Strengthens Among Major Holders
Whales and mid-sized entities holding between 10 and 1,000 BTC have increased buying over recent weeks. The accumulation trend score is nearing one, indicating that most cohorts are accumulating instead of distributing. A similar setup formed in July and preceded the move toward the previous all-time high of $124,500 reached in mid-August after weeks of steady inflows.
The yearly absorption rate reinforces this shift. Whales now absorb roughly 240% of annual issuance, while exchange balances continue to decline. Entities with more than 100 BTC are taking in nearly one and a half times the new supply, signaling sustained long-term positioning. The outflow trend from exchanges also shows a preference for self-custody and structured investment strategies, which continues gaining relevance among institutional participants.
The mix of heavy realized losses and broad accumulation across major cohorts suggests that the market is undergoing repositioning rather than widespread abandonment. Although volatility remains elevated, strong supply absorption, reduced exchange balances and persistent whale participation continue to support a constructive backdrop for medium-term recovery phases and improving liquidity conditions.
