CryptoQuant, an on-chain data analytics firm, reports that Bitcoin holders have recently begun realizing net losses, the first time this has happened since October 2023, marking a significant shift in the on-chain profit structure. In its latest report, CryptoQuant points out that the market has shifted from a "profit-taking" to a "loss-realization" phase over the past 30 days. Data shows that since the beginning of 2024, Bitcoin's realized profit momentum has been weakening, with profit peaks occurring in January 2024, December 2024, July 2025, and October 2025, reflecting a gradual decline in upward price momentum. The report states that since December 23, 2025, Bitcoin holders have accumulated losses equivalent to a maximum of 69,000 BTC. CryptoQuant believes this trend is highly similar to the on-chain pattern during the bull-to-bear market transition of 2021–2022, potentially suggesting that the current bull market is nearing its end. Julio Moreno, Head of Research at CryptoQuant, stated that the realized profit and loss calculation is based on on-chain transaction data and market prices. The price at the time of each Bitcoin transfer is compared with the price of the previous transfer to calculate the corresponding profit and loss.