On-chain data from GlassNode shows that in Q1 2026, "sharks" holding 100-1,000 Bitcoins and "whales" holding 1,000-10,000 Bitcoins incurred average daily losses of approximately $188.5 million and $147.5 million respectively, totaling approximately $337 million. The cumulative locked-in losses for the year reached a staggering $30.9 billion, approaching the levels seen during the 2022 bear market. Analysis indicates that current selling pressure stems from rising macroeconomic risks (inflation expectations, AI trading congestion, etc.) and weakening market confidence, with large holders accelerating stop-loss exits. Meanwhile, long-term holders (LTH) continue to incur average daily losses of approximately $200 million, indicating that the market has not yet shown significant "selling pressure exhaustion." Institutions believe that under multiple pressures, Bitcoin still faces further downside risks, with some predicting a potential bottom range of $40,000 to $50,000. (Cointelegraph)